★ India’s total vegetable oil imports during November 2025 to March 2026 rose 8% year-on-year to 6.57 million tonnes, compared with 6.10 million tonnes in the same period last year. However, edible oil imports in March 2026 fell 10% from February to 1.173 million tonnes, indicating a slowdown in buying due to high global prices, rupee weakness, and improved domestic mustard availability.

★ Palm oil imports increased sharply to 3.45 million tonnes during the five-month period, raising its share in total imports to 53% from 41% last year. In contrast, soft oil imports (soybean and sunflower oil) declined to 3.00 million tonnes from 3.51 million tonnes. ★ India continues to rely heavily on Indonesia and Malaysia for palm oil, while Argentina, Brazil, Russia, and Ukraine remain key suppliers of soybean and sunflower oils.

★ Government policy on higher duty difference between crude and refined oils has significantly reduced refined oil imports. Refined palm oil imports dropped sharply to just 192,486 tonnes, compared to 952,170 tonnes a year ago, while crude oil imports surged to 6.26 million tonnes. This has strengthened domestic refining activity, with refined oil share falling to only 3% from 16% last year.

★ Nepal has emerged as a growing re-export hub, supplying around 162,000 tonnes of refined oils to India during November–January, mainly refined soybean oil. This trend is increasing competition for Indian refiners and may affect domestic processing margins.

★ As of April 1, 2026, India’s total edible oil stock rose to 1.898 million tonnes, up by 28,000 tonnes from the previous month. With comfortable domestic stocks and slower March imports, near-term import demand may remain subdued unless global prices soften. In the long run, India will need to boost domestic oilseed production and diversify sourcing to reduce geopolitical and supply risks.