Centre, states meet on rise in edible oil price

As prices of edible oil continue to surge, the government on Wednesday said it has held a meeting to curtail any unfair practices like hoarding, black marketing etc.
Image used for representational purpose only.(File photo: EPS)
Image used for representational purpose only.(File photo: EPS)

NEW DELHI: As prices of edible oil continue to surge, the government on Wednesday said it has held a meeting to curtail any unfair practices like hoarding, black marketing etc. in the market which may lead to any increase in the prices of edible oils. Soaring prices of edible oil is a major roadblock in India’s struggle to control inflation.

The meeting held by the Department of Food & Public Distribution on Tuesday emphasised that states/UTs authorities may enforce stock limit quantities order without causing any disruption in the supply chain and also any undue hardship to bonafide trade, the Ministry of Consumer Affairs, Food & Public Distribution said in a statement.

According to the 2021-2022 Economic Survey, “Oils and fats” contributed around 60% of “food and beverages” inflation despite having a weight of only 7.8% in the group. “The demand for edible oils is largely met through imports (60%) and fluctuations in international prices have been responsible for the high inflation in this sub group.”

“For edible oils, the stock limit specified is 30 quintals for retailers, 500 quintals for wholesalers, 30 quintals for retail outlets of bulk consumers i.e. big chain retailers and shops and 1,000 quintals for its depots,” the statement said. In case the stocks are higher, it has to be declared on the portal of Department of Food & Public Distribution, it said.

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