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 India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement on Friday, as prices corrected in the world market.

The government revises base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.

India is the world's biggest importer of edible oils and silver and the second-biggest consumer of gold.

Commodity New price in $ Old price in $

Crude palm oil 858 937

RBD palm oil 905 982

RBD palmolein 934 998

Gold 531 533

Silver 629 608

Base prices for all commodities are in $ per tonne, except

for gold and silver. The gold tariff is in $ per 10 grams and

silver in $ per kg.