Top buyer of palm oil expects a 23% increase in imports

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Palm oil’s large discount is unsustainable and is likely to shrink, Patanjali Foods CEO said.

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India’s palm oil imports in 2022/23 could rise 23% year-on-year to 9.5 million tons, the highest in eight years, as a pick-up in consumption and competitive prices push refiners to cut their purchases. increase, said the country’s largest palm oil buyer.

“Palm is very attractive as prices are under pressure from inventories,” said Sanjeev Asthana, chief executive officer of Patanjali Foods Ltd on the sidelines of the Globoil conference.

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Palm oil’s big discount to soybean oil is unsustainable and is likely to shrink in the coming months, he said

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