India has reduced the basic import costs of crude and refined palm oil, crude soya oil, and gold, the government said late Friday, after prices in the global market corrected.

Every two weeks, the government revises the base import prices of edible oils, gold, and silver, and these values are used to compute the amount of tax that an importer must pay.

India is the world’s largest importer of edible oils and silver, as well as the world’s second largest consumer of gold.

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.