Govt cuts base import prices of gold, silver, edible oil amid easing commodity prices

The base import price on per kilogram import of silver has been brought down to $611, from $614 at present. This will apply on silver, in any form, other than medallions and silver coins having silver content not below 99.9 percent, the government said.

The Centre has also cut the base import price of crude palm oil, reducing it from $1,401 per tonne (tn) to $1,171. The RBD palm oil base import price has been brought down to $1,346/tn from $1,482/tn.

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The base import price of crude palmolein has been cut to $1,358/tn from $1,545/tn. For RBD palmolein, the same has been decreased to $1,361/tn from $1,548/tn.

The government has also lowered the base import price of crude soyaoil, reducing it from $1,572/tn to $1,460/tn.
The decision comes amid the cooling in commodity prices, which had surged following the Russian invasion of Ukraine, that led to supply chain disruptions.

The recent dip in commodity costs also comes at a time when several economies are facing a threat of recession. Central banks across the world have also raised interest rates, in a bid to tame the soaring inflation. This, in turn, has adversely affected the commodities market globally, experts say.