New Delhi: In the midst of relief from inflation, there is news to increase difficulties again, because the prices of palm oil and gold, and silver may rise soon in the Indian market. In view of the ever-increasing prices in the global market, the government has increased the base import price of gold, silver, and palm oil. This will also put pressure on their prices in the domestic market. Due to the efforts of the government, there was a softening in the prices of edible oil for some time.
News agency Reuters has reported that the government was also under pressure to increase prices in the global market and that is the reason why apart from gold and silver, the government has increased the base import price on both refined palm oil and RBD palm oil. The base import price of crude palm oil was $952 till now, which has now increased to $960. Similarly, the base import price of RBD palm oil has also been increased from $962 to $988 per tonne.
The government has also increased the base import price of RBD Palmolein to $1,008, which was $971 per tonne till now. The government has also increased the base import price of crude soya oil. Till now it was $1,345, which has been increased to $1,354 per tonne.
Base import increased on gold and silver also
Along with palm oil, the government has also increased the base import price of gold and silver. The base import price of gold has been increased from $531 per 10 grams to $570 per 10 grams. At the same time, the base import price of silver has been increased by $ 72, which has now increased to $ 702 per kg. Till now it was $630 per kg.
What is the base import price?
The pressure on Indian importers also increases when there is a rise in the prices of palm oil and gold and silver in the global market. The government reviews the base import price every fortnight (in 15 days) to keep the prices in the domestic market in line with the global market. Base import price is the rate on the basis of which the government charges import duties and taxes from traders. India is the second largest importing country in terms of gold, while it comes first in terms of silver. More than 60 percent of the requirement for edible oils is also met through imports.
