Edible Oil And Gold And Silver Will Be Cheaper

October 3, 2022 daknewsnetwork 306 Views 1 Comment base import price, cuts, Edible oil, GOLD, government, RBD palm oil, RBI, second largest consumer, silver

Edible oil and gold and silver will be cheaper! Government cuts base import price.

The prices of edible oil and gold may come down in the coming days. This is because the government has cut the prices of basic import prices of edible oils, gold, and silver this fortnight.

The government has said in a statement regarding the last fortnight that there has been an improvement in the prices of the global market.

According to a report by Moneycontrol, the Government of India issued a statement regarding this late on Friday night.

According to this report, the government has reduced the base price of crude palm oil from $ 996 per tonne to $ 937.

After this, it is speculated that the reduction in the base price of palm oil may reduce the prices of edible oils.

Explain that on the basis of this, it is calculated how much tax will have to be paid by the importer.

Whose base import price is cut by how much?

Besides, the base price of RBD palm oil declined from $1,019 to $982 per tonne, and the base price of RBD palmolein down from $1,035 to $998 per tonne.

The base price of crude soybean oil is down from $1,362 to $1,257 per tonne.

The base price of gold has been reduced from $549 per 10 grams to 553 per 10 grams and the base price of silver has been reduced from $ 635 per kg to $ 608 per kg.

Significantly, India is the largest importer of edible oils and silver in the world and the second largest consumer of gold.

Market experts say that the reduction in the basic import price reduces customs duty.

In such a situation, it can be understood that along with edible oil, there may be some reduction in the prices of gold and silver in the domestic market.

Regarding inflation, RBI said – it may come down to 5.2% in FY24.

Continuing high inflation remains an important policy concern for the Reserve Bank of India (RBI).

But the pressure is likely to ease in the next financial year 2023-24 due to normal rains and the easing of global supply chain problems. This estimate has been expressed in an RBI report.