Palm Oil Import

India is committed to importing 2.6 million tonnes of palm oil products worth $3.16 billion, Indonesia's trade minister said in a statement on Tuesday

The move adds to the impact of Russia's invasion of Ukraine, which plunged the global edible oil market into disarray.

Palm oil is used in products like cooking oil, processed foods, cosmetics and biofuels.

In March, 539,793 tonnes of palm oil landed in India, up from 454,794 tonnes in February, the Solvent Extractors' Association of India (SEA) said in a statement

In March, 550,000 tonnes of palm oil landed in India, up from 454,794 tonnes in February, said a Mumbai-based dealer with a global trading firm

Ukraine and Russia accounted for nearly 13% of India's edible oil imports last year, supplying 1.6 million tonnes.

Widely used in edible oil blending, cosmetics, processed food products, palm oil's prices on Bursa Malaysia Derivatives is considered to be the global benchmark among trade circles

State energy company PT Pertamina last month started trials on the so-called "green diesel" after conducting tests with jet fuel late last year

The impact of the shuttered food courts and street vendors is compounded by reduced demand at retail stores

According to data from the Solvent Extractors' Association of India (SEA), the stock of edible oils as on January 1, 2020, at various ports fell to an estimated 860,000 tonnes

Last week government had put plam oil imports from Malaysia under restricted category following criticism by the country's Prime Minister Mahathir Mohamad

This comes after Malaysia's Prime Minister criticised India's actions in Kashmir and its new citizenship law

Malaysian palm oil is available at a $5 discount amid congestion at Indonesian ports

Palm oil imports might remain under pressure this month too, helping soyoil and sunflower oil gain market share