Edible Oil: The lower import duty structure on crude palm oil, crude sunflower oil and crude soyoil was originally set to expire in March 2024. However, as per the order, refiners can now continue to import at lower duties until March 2025.
With over 60% of India's consumption requirements being met through imports, which could rise further, there are concerns of vegetable oils going the petroleum products way.
Edible Oil Imports: Higher purchases by the world s biggest importer of vegetable oils could help to lower palm oil stocks in Indonesia and Malaysia and support benchmark futures. They would also strengthen soyoil futures and could reduce inventories in sunflower oil-producing Black Sea countries.