New Delhi —
India's vegetable oil imports are set for another subdued year in 2021 as refiners pass on high prices to the consumers and a resurgence of the coronavirus pandemic looms large in the country, according to Sandeep Bajoria, CEO of Mumbai-based vegetable oil broking firm Sunvin Group.
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"Vegetable oil consumption fell by about 2 million mt to 21.5 million mt in 2020 [from 2019] and will remain at similar levels in 2021 as high prices pinch the pockets of consumers," Bajoria said in an interview with S&P Global Platts.
In 2019, India consumed 23 million mt of vegetable oils. Of this, 15 million-15.5 million mt was imported while the rest was met by domestic production, according to the Solvent Extractors' Association of India (SEAI) data.