15/03/2012 (Economic Times) - State-owned PEC Ltd has bought 9,000 tonnes of refined palmolein at $1,172 per tonne for delivery in March on the south coast, two trade sources said on Wednesday.

The price PEC paid for the refined palmolein is higher than the $1,057 paid in January.

PEC had issued the import tender last week. "The cargoes were bought for the Tamil Nadu government for subsidised sale to the poor," one of the sources said.

India, the world's top vegetable oil importer, buys mainly palm oils from Malaysia and Indonesia, and a small quantity of soyoil from Brazil and Argentina.