Centre's order to impose stock limit to curb rising prices of edible oils

(PTI) New delhi date. 10

To curb rising prices in the domestic market and provide relief to consumers, the central government has set a stock limit on traders of edible oils and oilseeds till March 31. However, importers and exporters are excluded.

Mustard oil futures trading has been banned on the NCDX (National Commodity Exchange) since October 8. According to government data, edible oil prices in the domestic retail market have risen by 2.15 per cent in the last one year.

The Ministry of Food and Consumer Affairs said in a statement that the central government's decision would bring down the price of edible oil in the domestic market and provide relief to the country's consumers.

As per the order issued to all the states, the State Governments and Union Territories will decide on the stock limits of edible oils and oilseeds keeping in view the available stock and the attitude of the consumers. However some importers and exporters have been exempted from the stock limit.

According to the Consumer Affairs Ministry, the average retail price of soybean oil on October 4 was Rs 12.5. Soybean oil prices have risen by 2.15 per cent in the last one year. A year ago, it was priced at Rs 108.

Similarly, mustard oil has increased by 3%. Last year, the price of mustard oil was Rs 19.15 which has gone up to Rs 12.5. Similarly, vegetable oil prices rose by 7.5 per cent. Last year, the price of vegetable oil was Rs 7.5, which has gone up to Rs 12.5.

On October 3, the average retail price of sunflower oil was Rs 120.05. In the last one year, the price of sunflower oil has gone up by 7.5 per cent. A year ago, it was priced at Rs 12.5. While the price of palm oil was Rs 7.5 last year, it has gone up to Rs 16.05. That is an increase of 3% in the last one year. India has to import 60 per cent of its total edible oil requirement.