India's edible oil consumption is expected to rise by 2%-3% this year as cooking oils remain affordable despite an increase in import duties, a leading importer told Reuters on Wednesday.

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India’s Edible Oil Consumption

New Delhi raised the basic import tax on crude and refined edible oils by 20 percentage points on Friday to help farmers who are suffering from low oilseed prices.

Sanjeev Asthana, chief executive officer at Patanjali Foods Ltd., said, “As we enter the peak festive season, demand will remain strong. Despite the duty hike, edible oil prices are affordable.” “Edible oil demand could increase by 2%-3% in the 2024-2025 marketing year, beginning Nov. 1 due to rising population and prosperity,” he said.

India’s Edible Oil Imports

The largest importer in the world, India sources 70% of its vegetable oil needs from outside the country. It purchases palm oil from Malaysia, Thailand, Indonesia, and Argentina and imports soy oil and sunflower oil from Argentina, Brazil, Russia, and the Ukraine.

The nation may import 9–10 million metric tons of palm oil in 2024–2025 as opposed to about 9 million tons this year, he said, since tropical oil is expected to reclaim the market share it lost to rival sunflower oil because of a higher premium.

“We saw an unusual increase in sunflower oil imports this year due to attractive prices. "Next year, sunflower oil imports could return to the normal range of 3 million tons,” he said.

India is anticipated to import 3.6 million tons of sunflower oil this year, up from 3 million tons the previous year.

Sunflower oil became more affordable and competitive when compared to other oils due to Russia and Ukraine's abundant supplies.

Asthana said that soyoil imports would remain relatively stable next year, around this year's level of 3 million tons.

If the weather continues to be favorable in the coming weeks, India's soybean crop in 2024 could increase to 11 million tons from around 10 million tons last year, he predicted.

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REFERENCE- reuters.com