India extends the effect of a reduced duty on the import of edible oils for one year

India, the world's largest buyer of vegetable oils, will continue to import them at a reduced duty for another year, until March 25, 2025, to curb rising prices in the domestic market.

Experts expected such a decision by the authorities on the eve of the elections, but believe that it will not affect the volume of imports and domestic prices.

We will remind that in order to reduce food prices, the country's authorities banned the export of non-basmati wheat and white rice in 2022, and stopped the export of sugar this year.

In general, in 2022/23, India imported a record 16.9 million tons of vegetable oils against the background of falling world prices, the IVPA (Indian Vegetable Oil Producers' Association) reports. Against this background, oil consumption and stocks have increased in the country, so in 2023/24, their import will decrease to 16.2 million tons, of which more than 55% will be palm oil, and the rest will be liquid edible oils.

According to experts' forecasts, the domestic consumption of oils in India in 2023/24 MR will grow compared to the previous season by 3% to 25.2 million tons, which will significantly affect the entire line of vegetable oils.