India revises up base import price of gold and vegetable oils

India has increased base import prices of gold, silver and all vegetable oils to reflect rising global market prices, the government said late on Wednesday.

The government revises the base import prices of edible oils, gold and silver every two weeks, and the prices are used to calculate the amount of duty the importer must pay. India is the world’s largest importer of edible oil and silver and the second largest consumer of gold.

New price of commodity in $ Old price in $ Crude palm oil 1123 1108 RBD palm oil 1148 1132 RBD palmolein 1152 1144 Crude soya oil 1187 1181 Gold 1327 1231 Silver 1663 1515 Base prices for all commodities except gold and silver are in $ per tonne. Gold tariff is in dollars per 10 grams, and silver is in dollars per kilogram.