India Raises Import Cost of Edible Oil

India, the world’s biggest importer of edible oils, has raised unrefined palm oil import cost to $952 per ton from $858, while it raised prices of crude soya oil to $1,345 per tonne from $1,274 a ton, according to an official statement.

The base import costs for RBD palm oil and RBD palmolein now stand at $962 and $971 a ton, up from $905 and $934, respectively.
India tweaks base import prices of edible oils, gold, and silver each fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.

The nation also increased silver base import prices to $630 per kg from $629 per kg, while leaving the gold rates unaltered at $531 per kg.

Also, the India has its name as biggest importer of silver and the second-biggest consumer of gold in the global market.