Centre imposes stock limits on edible oils to soften prices in domestic market
The Union Food and Consumer Affairs Ministry has imposed stock limits on traders of edible oils and oilseeds, barring importers and exporters, till March 31, in a bid to check rising domestic prices and give relief to consumers.
The Centre on Sunday imposed stock limits on traders of edible oils and oilseeds, barring importers and exporters, till March 31, in a bid to check rising domestic prices and give relief to consumers.
Already, futures trading in mustard oil on NCDEX platform has been suspended from October 8, it said.
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https://evegoils.Nic.In/EOSP/login) of Department of Food and Public Distribution and bring it to the prescribed stock limits as decided by the states where it is conducting its business within 30 days of the issue of such notification by the said authorities.The states have been asked to ensure stock details of edible oils and oilseeds are regularly declared and updated on the central government's portal, it said.
The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021, has been issued with immediate effect from September 8, it added.
According to the ministry, high prices of edible oils in the international market have a substantial impact on the domestic edible oil prices. However, the government has formulated a multi- pronged strategy to ensure that prices of essential commodities like edible oils remain controlled.
Measures like rationalisation of import duty structure, launching of a web-portal for self-disclosure of stocks held by various stakeholders had already been taken, it said.
As per the data maintained by the Consumer Affairs Ministry, average retail prices of soya oil were ruling at Rs 154.95 per kg on October 9, this year, 46.15 per cent higher than Rs 106 per kg in the year-ago period.
Similarly, average mustard oil prices rose by 43 per cent to Rs 184.43 per kg from Rs 129.19 per kg, while that of vanaspati by 43 per cent to Rs 136.74 per kg from Rs 95.5 per kg in the said period.
In case of sunflower, its average retail price risen by 38.48 per cent to Rs 170.09 per kg on October 9 this year from Rs 122.82 per kg in the year-ago period, while palm oil prices rose 38 per cent to Rs 132.06 per kg from Rs 95.68 per kg in the said period.
India meets more than 60 per cent of its edible oil demands through imports.
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