STC floats tender to import 15,000 tonnes edible oil

STC floats tender to import 15,000 tonnes edible oil
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First Published: Tue, Nov 20 2007. 10 37 AM IST
Updated: Tue, Nov 20 2007. 10 37 AM IST
PTI
New Delhi: In an effort to bridge the demand-supply gap in the domestic market for edible oil, state-run trading firm STC has floated a tender to import 15,000 tonnes of the commodity.
The company plans to import 9,000 tonnes of crude palm oil and 6,000 tonnes of RBD palmolein next month, STC said in the tender yesterday (19 November).
The bids close on 21 November and a decision would be taken the same day, it added.
Out of 9,000 tonnes of crude palm oil, 6,000 tonnes will be for discharge in the western port of Kandla and 3,000 tonnes in Chennai port. The 6,000 tonnes of RBD palmolein will be discharged in the port of Mumbai, the tender stated.
It also specified the oil imported should be of Malaysian or Indonesian origin.
According to Solvent Extractors’ Association of India (SEA), import of crude palm oil has gone up 26.22% to 29.94 lakh tonnes this year from 23.72 lakh tonnes last year. Whereas the import of RBD palmolein has surged by 1.45% to 1.15 lakh tonnes this year from 1.13 lakh tonnes in the corresponding period last year.
In order the check the domestic prices of edible oil, the government reduced import duty by 10% on palm group of oils. With effect from July 2007, import duty on crude palm oil (CPO) stands at 45%, and on on refined palm oil, it is 52.5%.
The total edible oil import in 2006-07 shot up by 6.7% to 47.14 lakh tonnes.
India annually consumes 10 million tonnes of edible oils, of which 50% is imported.
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First Published: Tue, Nov 20 2007. 10 37 AM IST