India sets higher base import price on crude palm oil

Last Updated: Thu, Jan 24, 2013 06:57 hrs

India has set a new base import price on crude palm oil at $802 per tonne, a government statement showed on Thursday, making imports of the crude variant costlier as it seeks to protect domestic oilseed growers from cheap imports from Southeast Asia.

India had kept the base price for CPO at $447 per tonne unchanged since 2006.

On Jan. 17, India lifted a six-year old freeze on the taxable value of edible oils, including CPO, to curb palm oil imports from Indonesia and Malaysia.

More from Sify: