India's Palm Oil Imports Set for Surge Amidst Festival Season

India's palm oil imports are expected to rise significantly due to increased demand from festivals and lower prices. Total edible oil imports are predicted to remain around 16 million tonnes in 2024-25. A recent decrease in duties and absence of zero-duty imports from Nepal are also contributing factors.

India is anticipating a significant surge in palm oil imports as the nation's festival season approaches, driven by heightened demand and declining prices. The Indian Vegetable Oil Producers' Association (IVPA) expects total edible oil imports to remain at 16 million tonnes for the oil year ending October 2025.

The IVPA President, Sudhakar Desai, highlighted that around 9 million tonnes would be of palm oil, with the rest comprising soybean and sunflower oils. He cited a reduction in duties and the influx of zero-duty imports as key factors aiding this increase.

Desai also noted shifts in market behavior, stating that sectors previously turned to alternative oils when palm oil was costly are likely to revert back as prices stabilize. The government is also urging companies to pass on duty cuts to consumers promptly.