Price of gold and palm oil may increase in India..!?

The government of India has increased the basic import price for the import of gold, crude oil, and refined palm oil. This is because the price of gold, crude oil, and palm oil has started to increase in the international market. The government has made such an increase. This increase in the price of the central government may lead to an increase in the price of these in the retail trade. This may further increase the expenditure among the population. All in all, the common man’s pocket is sure to be empty.

India is generally an import-dependent country. In particular, more than three-quarters of fuel, which is a basic requirement, is imported. Apart from this, it also imports a lot of cooking oil. Apart from this, India is the country that uses gold internationally after China. So this price increase by the government may further encourage retail prices. It is also expected to stimulate inflation. In a statement released by the Finance Ministry, the base price of many commodities including gold, crude oil, and cooking oil has also been increased.

The central government can also revise the base prices of gold and silver, refined oil prices, etc. once every 15 days. It is based on this base price that the government calculates the tax. As a result, importing companies may be forced to pay additional duties. India is the largest importer of refined petroleum and silver. It is not only a country that imports a lot of gold. Crude palm oil prices have been revised to $960 per metric tonne. The same palm oil price has also been revised to $974 per metric ton. Crude soya bean oil prices rose to $1,354 per metric tonne and brass scrap to $4,545 per metric tonne.

This price increase is expected to stimulate inflation on the one hand and reduce consumption on the other hand. Especially gold and silver consumption can be affected. However, on the other hand, due to the increase in the price of basic necessities like palm oil and crude palm oil, the price of fuel and cooking oil may increase. This may trigger further price hikes.

As it is an essential need, people are forced to buy it even if the price is high. This is expected to further fuel inflation. Already, cooking oil prices have increased amid the Russia-Ukraine crisis. Crude oil prices have also increased. This may trigger further price hikes as the base price has also increased at present.

Tags: price, India, International market, cooking oil, refined palm oil, импорт