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Wednesday, Apr 19, 2006

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Tariff values cut for vegoils

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By $10 for palm oils; $6 for soya oil

Chennai , April 18

The Centre has cut the tariff values for palm group of oils by $10 a tonne and that of crude soyabean oil by $6. Earlier, on March 3, the Union Government cut the tariff values for palm group of oils by $4 and crude soyabean oil by $13.For the palm group of oils, this is the third time that the tariff has been cut since March 15. However, on March 15, the tariff value for crude soyabean oil was raised by $13.

The revision (See table) is in tune with the behaviour of the global prices during the last fortnight.

According to Kotak Commodities Services Pvt Ltd, there will be a downward valuation adjustment of about Rs 3.81 for 10 kg in the case of crude palm oil, Rs 4.28 in the case of RBD palm oil and Rs 1.26 for crude soyabean oil.

However, it said the adjustment in the crude soyabean oil prices could be arrested as it is the cheapest imported vegetable oil. Concerns over soyabean oil from genetically modified seeds could further stop the fall as the prices could go up due to lack of supply.

Crude palm oil for benchmark July contract declined by 2 Malaysian ringgits on Bursa Malaysia Derivatives to 1,468 ringgits ($401) a tonne. In the domestic market, RBD palmolein dipped Rs 4 for 10 kg to Rs 378, while curde soyabean oil was up Rs 2 to Rs 376.

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