NE NEWS SERVICE
NEW DELHI, SEP 10
Amid edible oil prices continuing to remain high, the Centre on Friday asked states to direct retailers to prominently display the prices of all edible oil brands for the benefit of consumers and also take action against hoarding at the level of wholesalers, millers and refiners, says a PIB release.
After a meeting with states’ representatives and industry stakeholders, Union Food Secretary Sudhansu Pandey also ruled imposing stock limit on traders as well as the possibility of fixing MRPs (Maximum Retail Prices) for edible oils as he emphasised that market forces will determine the rates in a good competitive environment.
Pandey said the government will take a call on existing import duty regime after analysing the impact of various measures taken to reduce the prices.
Secretary Food and Public distribution meets with State officials today to ensure relief to consumers on prices of edible oil
Production of oilseeds expected to increase in coming Rabi season
Read: https://t.co/v6lVMRkOpt pic.twitter.com/E93UNxqngU
— PIB India (@PIB_India) September 10, 2021
According to him, edible oil prices are expected to cool down with the arrival of new kharif crop by the end of this month, declining price trend in global markets and steps taken by the central government.
In the last few months, the Centre has cut import duty on various edible oils and asked states to take details of stock of edible oils and oilseeds from wholesalers, millers, refiners and stockists. It has also announced a Rs 11,040 crore-palm oil mission.
Stressing that the government’s current focus is on ensuring transparency across the supply chain, Pandey said that in today’s meeting, states have been told to ensure that retailers “prominently display the rates of edible oils”.
“… Some states have already notified that they (retailers) have to simply display at what rate it is available. Then it is a consumer choice to make a choice whether to buy x or y brand depending on his own preference,” he noted.
Pandey said the recent government measures, expected arrival of good kharif soyabean crop by the end of this month and declining global price trend in soyabean oil and palm oil should help cool down the domestic prices.
“The kharif crop of soyabean is expected end of September, prices should start cooling down because the crop is going to be better than last year. So, it is going to have an impact on prices,” he pointed out.
Kharif soyabean crop of the 2021-22 crop year (July-June) is expected to be 5-10 per cent higher than the year-ago period.
It is also expected that rabi (winter) crop acreage under oilseeds will be higher as the government has increased the minimum support price that should encourage farmers to grow oilseeds, Pandey said.
“With all these measures, the government is hopeful that consumers will get relief,” he added.
