India's Palm Oil Import Surge Ahead of Festival Season

Indian vegetable oil importers are stepping up purchases of palm oil as global prices dip, making it economically viable to meet the surge in demand expected during the upcoming festival season, reports the Indian Vegetable Oil Producers' Association (IVPA).

Following the government's recent cut in import duty on crude edible oils from 20% to 10%, consumers have experienced some relief, albeit modest, according to IVPA President Sudhakar Desai. He also welcomes forthcoming regulations on the vegetable oil sector, which the organized sector is prepared to implement.

With major festivals like Durga Puja approaching, demand for affordable palm oil imports is critical. Despite a recent decrease in edible oil imports, expected demand suggests recovery is on the horizon. Meanwhile, the IVPA seeks to stabilize imports amid global supply challenges and is working on increasing domestic cultivation to reduce import reliance.

(With inputs from agencies.)