Used in everything from chocolate to fuel, palm oil will probably end the year at 2,000 ringgit a tonne, according to a Bloomberg survey this month
India buys palm oil from Indonesia and Malaysia, with its soyoil mainly imported from Argentina and Brazil. It purchases sunflower oil from Ukraine
The fourth increase in import tax in less than six months would push up domestic edible oil prices and support prices of local oilseeds like soybean and rapeseed
This is the first time top leaders from both the countries have weighed in on the issue
India, the world's leading vegetable oil buyer, had imported 7,36,036 tonnes palm oil in April 2016
India, the world's leading vegetable oil buyer, had imported 688,393 tonnes palm oil in Jan 2015
Indian buyers are delaying shipments and cancelling vessel space bookings, and the traders expect them to hold back further in the month ahead
Palm oil make up more than 65 per cent of the country's total vegetable oil imports