India is snapping up palm oil after New Delhi slashed import duties, prompting refiners in the world’s biggest buyer to replenish depleted inventories ahead of the festival season.
More than 200,000 tons of crude palm oil have been bought in the past week after the government cut taxes on edible oil imports, said Aashish Acharya, vice president at Patanjali Foods Ltd. Inventories held by distributors and other downstream buyers are running low, adding urgency to purchases in time for Diwali, and the wedding season that follows, he added.
