Govt plans to import up to 1 mn tonnes crude palm oil 29 Jun 2009, 1808 hrs IST, Nidhi Nath Srinivas, ET Bureau
India is planning to again build up its public stocks of imported cooking oil as prices are expected to creep up in the coming festival months. The oil would be sold in one-litre packs through ration shops to families below the poverty line...................... According to a fresh proposal before Cabinet, the government plans to ask state-owned trading companies - STC, MMTC and PEC, to import up to 1 million tonnes over the next one year, said a food ministry official on condition of anonymity. These companies would have to import crude palm oil, the world's cheapest oil, and get it refined and packed locally for sale to state governments, which in turn will deliver it to ration shops. For this the Central government is willing to pay a subsidy of Rs 15/kg to make good any losses that these companies incur while selling the oil to states..............................
