Stock limits for edible oils, oilseeds extended till December 31

Tribune News Service

New Delhi, March 31

The Centre on Wednesday extended the stock limit for edible oils and oilseeds up to December 31 in order to curtail the rising prices. Alongside, the six states—Uttar Pradesh, Karnataka, Himachal Pradesh, Telangana, Rajasthan and Bihar—which had issued their own control order in pursuance of Central Order issued last year in October have also been brought under the purview of the new order with effect from April 1.

Officials said the decision was taken after deliberations at the highest level on the upward price trends of all edible oils owing to the current geo-political situations across the globe.

The pressure on sunflower oil supplies from Ukraine has affected the export policy of Indonesia, affecting palm oil imports. It was compounded by crop loss concerns in South America, impacting soybean oil supplies due to which the international prices of the commodity have shown a large upward trend.

The international prices of soyabean oil increased by 5.05% over the month and by 42.22% over the year.

For edible oils, the stock limit will be 30 quintals for retailers, 500 quintals for wholesalers, 30 quintals for retail outlets of bulk consumers, that is big chain retailers and shops and 1000 quintals for its depots, as per the order.

The processors of edible oils will be able to stock 90 days of their storage/production capacities.

For edible oilseeds, the stock limit will be 100 quintals for retailers, 2000 quintals for wholesalers. The processors of edible oilseeds would be able to stock 90 days production of edible oils as per daily input production capacity.

Exporters and importers have been kept outside the purview with some caveats, as per an official statement.

“The measure is expected to curtail any unfair practices like hoarding, black marketing etc in the market, controlling the prices of edible oils and ensuring that maximum benefit of the duty reduction is passed on to the end consumers,” the officials said.

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