MUMBAI, Sept 6 Reuters India39;s palm oil imports are set to jump 26 to a record high in the 202223 year ending on Oct. 31, as a recovery in consumption and competitive prices prompt refiners to increase purchases, the country39;s top palm oil buyer told Reuters on Wednesday.

Higher purchases by the world39;s biggest importer of palm oil could help to lower inventories in top producing Indonesia and Malaysia and support benchmark futures.

Refiners are increasing their purchases for the upcoming festivals. We could see imports of around 1.8 million metric tons in the next two months, said Sanjeev Asthana, chief executive officer at Patanjali Foods Ltd.

If India imports 1.8 million tons in the next two months, the total shipments for the 202223 marketing year ending on Oct. 31 would be 10 million tons, surpassing the previous high of 9.5 million tons made in 201415, he said.

In the first 10 months of 202223, India imported 14 million tons of edible oils, consisting of 8.2 million tons of palm oil, 3.2 million tons of soyoil and 2.5 million tons of sunflower oil, dealers estimate.

India39;s edible oil consumption has been subdued in the past three years, with recordhigh prices weighing on 2022 use and COVID19 on the previous two years, he said.

We are expecting a growth 24 in this year39;s consumption, he said.

India fulfils more than twothird of its edible oil requirement through imports.

A consumption revival would also see higher sunflower oil imports in the…