Edible oil import bill rises 22%

HIGH GLOBAL COOKING oil prices have ensured that the value of India’s import of edible oils — palm, soybean and sunflower — in 2024-25 oil year (November-October) rose by 22% to a record ₹1.61 lakh crore on year, while volume of imports increased only marginally to 16.01 million tonne (MT), according to industry data released on Thursday.

- SANDIP DAS

“While volume of imports has largely remained at the same level in the last oil year compared to 2023-24 oil year, global prices have increased by over 20% during the same period,’ BV Mehta, executive director, solvent extractors association of India (SEA) told FE.

The country imported 15.96 MT of crude and refined oils — palm, soybean and sunflower — during 2023-24 oil year valued at $1.32 lakh crore.

According to SEA, soybean oil imports in the 2024-25 oil year rose to a record 5.47 MT, surpassing the previous high of 4.23 MT in 2015-16.