Jul 30 2009 11:10AM
NEW DELHI, July 30 (Reuters) - India's cabinet is likely to approve on Thursday a move to allow state-run trading firms to import vegetable oil for subsidised sale to the poor, the Financial Express newspaper said.
India was planning to sell subsidised imported oil to keep a lid on inflation after patchy monsoon rains, the paper said on Thursday, citing an unnamed official.
Last year, the government had asked State Trading Corp of India Ltd , MMTC Ltd and PEC Ltd to buy one million tonnes of oil, but they imported only about 300,000 tonnes as state governments, which sell the oil to the poor, did not want any imported oil after prices fell.
India, a leading vegetable oil importer, buys palm oil from Malaysia and Indonesia and soyoil from Brazil and Argentina. (
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