Centre imposes stock limits on edible oils to bring down prices

Centre has imposed stock limits on edible oils to soften the prices of edible oils in the domestic market. Consumer Affairs Ministry said, the Department of Food and Public Distribution has imposed stock limits on edible oils and oilseeds for a period upto 31st March next year. The Ministry said, the decision will bring great relief to consumers across the country. The high prices of edible oil in international market have a substantial impact on the domestic edible oil prices. The Ministry said, government has formulated a multi- pronged strategy to ensure that the prices of essential commodities like edible oils remain controlled. It said, measures like rationalization of import duty structure, launching of a web-portal for self-disclosure of stocks held by various stakeholders had already been taken.

In a release the department said, the Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021 has been issued with immediate effect i.e. from 8th September, 2021. Future trading on Mustard Oil and Oilseeds was suspended in National Commodity and Derivatives Exchange (NCDEX) from October 08, 2021. Under this order, the stock limit of all Edible Oils and Oilseeds will be decided by the respective States government/Union Territories Administration on the basis of available stock and consumption pattern of the State/Union Territory with the following exceptions.