Business News | Centre Imposes Stock Limit on Edible Oils Upto June to Curb Hoardings
Get latest articles and stories on Business at LatestLY. The Ministry of Consumer Affairs, Food & Public Distribution said on Friday it has imposed a stock limit on edible oils and oilseeds upto June 30, 2022, with an objective to "cool down" the prices of edible oil in the country.
New Delhi [India], February 4 (ANI): The Ministry of Consumer Affairs, Food & Public Distribution said on Friday it has imposed a stock limit on edible oils and oilseeds upto June 30, 2022, with an objective to "cool down" the prices of edible oil in the country.
"In an effort to further cool down the prices of edible oils, the Government has taken various steps, latest being an Order notified by the Government on 3rd February 2022 specifying the stock limit quantities on edible oils and oilseeds upto 30th June, 2022," Ministry of Consumer Affairs, Food & Public Distribution said in a statement.
For edible oils, the stock limit would be 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. Processors of edible oils would be able to stock 90 days of their storage capacities.
For edible oilseeds, the stock limit would be 100 quintals for retailers, 2,000 quintals for wholesalers. Processors of edible oilseeds would be able to stock 90 days of production of edible oils as per daily input production capacity.
Exporters and importers have been kept outside the purview of this Order with some caveats, the ministry said.
The move is expected 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. The above would also contribute to further reduction in prices by ensuring that maximum benefit of the duty reduction is passed on to the end consumers." (ANI)
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