India increases palm oil imports as a 5% import duty cut drives demand
- India halved import duties on crude palm oil to 5% to reduce domestic food costs.
- Domestic refiners bought over 2,00,000 tons of crude palm oil to replenish depleted national inventories.
- Lower import taxes encourage heavy restocking ahead of upcoming festival and wedding season demand spikes.
- Increased Indian buying helps absorb excess supply in top producing nations like Indonesia and Malaysia, stabilising global prices.
Source: retail.economictimes.indiatimes.com
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