According to Sangif Astana of the Indian Refining Association (SEA), the share of palm oil in India's vegetable oil imports will be lower than soft oil for the first time in 2024/25 (November to October), as palm oil has a rare premium compared to soybean oil and sunflower seed oil, prompting processors to turn to more affordable alternative supplies.

Astana stated that the tight supply in major palm oil producing countries has led to an increase in palm oil prices, prompting buyers to turn to cheaper options such as soybean oil and sunflower seed oil.

Astana expects palm oil imports to drop to 7.5 million tons in 2024/25, the lowest level in five years and lower than the 9.015 million tons in 2023/24.

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