Edible Oil And Oilseeds Will Be Cheaper As Government Imposed Stock Limit On Both Commodities

In view of the continuous increase in the prices of quinoa, the Center has imposed stock limits on edible oils and oilseeds till the end of March next year. The Union Ministry of Consumer Affairs, Food and Public Distribution said that taking necessary decisions, stock limits have been imposed on edible oils and oilseeds for the period up to March 31, 2022. The decision of the Center will bring down the prices of edible oils in the domestic market, which will bring great relief to the consumers across the country.

Edible oil prices at record level

This step has been taken at a time when edible oil prices are reaching record levels. According to the latest data available with the ministry, the All India Daily Average Retail Price of mustard oil has touched Rs 184.15 per kg. In this, the price was Rs 200 and above at at least 22 centers including Mumbai and Lucknow.

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Mustard oil is the most expensive

Mustard oil is the most expensive of the six edible oils. For this, the ministry monitors the retail and wholesale price data. If we look at the retail prices of other edible oils, groundnut oil is priced at Rs 182.61 per kg, Rs 136.59 per kg (vegetable), Rs 155 per kg (soya), Rs 169.53 per kg (sunflower) and Rs 132.91 per kg (palm).

High price of edible oil in the international market

The ministry said that higher prices of edible oil in the international market have had an impact on the domestic prices. The government has devised a “multi-pronged strategy” to ensure that prices of essential commodities like edible oils remain in check. Removal of licensing requirements, stock seams and movement restrictions on the Specified Foodstuffs (Amendment) Order, 2021 has come into force with immediate effect. The futures trading of mustard oil and oilseeds in NCDEX has been suspended.

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How will the limit be decided?

The ministry has said that under this order, the stock limit of all edible oils and oilseeds will be decided by the respective state government/UT administration on the basis of available stock and consumption pattern. However, there are exceptions for exporters and importers. An importer who, being a refiner, miller, extractor, wholesaler or retailer or dealer, furnishes the details of that part of his stock in respect of edible oils and edible oilseeds which have been imported, shall be exempted .

stock to be declared

It will be ensured by the State Governments/ UT Administrations that the stock of edible oils and edible oilseeds is regularly declared and updated on the portal. The government has said that measures like improving the import duty structure, starting a web-portal for self reporting of stocks held by various stakeholders, etc. have already been taken. In a constant effort to further reduce the domestic prices of edible oils, the Center has issued an order which was shared with all the states.

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