PEC to import 24,000 tonne of crude palm oil

State-run trading firm PEC Ltd has invited bids for import of 24,000 tonne of edible oil to be delivered by May.

Bids will close on April 24 and the decision on the tender will be taken on the same day, the company said on its website.

PEC said crude palm oil of edible grade should be sourced from Indonesia or Malaysia and the consignment should reach between April 25 and May 30.

According to tender notice, 12,000 tonne should be delivered at Kakinada, Andhra Pradesh, 6,000 tonnes each at Kandla, Gujarat, Nagapattinam and Tamil Nadu.

India imports edible oil as production is lower than the demand. Vegetable oil import during the first five month of the oil year (November-October) rose by 59 per cent to 3.59 million tonne from 2.26 million tonne during the same period of last year, the industry data showed.