MUMBAI: India slashed the base import prices of crude palm oil, soyoil, and silver, and raised the price of gold, the government said in a statement late on Monday.

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.

Indonesia sets May 16-31 crude palm oil reference price at $893.23/t

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