Business News | Government Sells 18.09 Lakh Metric Tonnes Wheat Through E-auctions to Control Prices

New Delhi [India], September 22 (ANI): In a move aimed at controlling the retail price of wheat, the Food Corporation of India (FCI) has successfully conducted 13 e-auctions under the Open Market Sale Scheme (Domestic) as of September 21.

A total of 18.09 Lakh Metric Tonnes (LMT) of wheat have been sold under the OMSS(D) scheme, read the Ministry of Consumer Affairs, Food and Public Distribution press release.

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Under the scheme, FCI offers wheat through weekly e-auctions at a reserve price of Rs 2,125 per quintal, which is equivalent to the current Minimum Support Price (MSP) of wheat, it said.

These auctions are conducted across the country, with 2.00 LMT of wheat being offered in each weekly auction, the release said.

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The weighted average selling price of wheat witnessed a positive trend in August, at Rs 2,254.71 per quintal. However, it has recently decreased to Rs 2,163.47 per quintal in the e-auction dated September 20.

This reduction in the average selling price indicates that market prices for wheat have cooled down in the open market.

Furthermore, the results of these e-auctions indicate that the quantity sold has not exceeded 90 per cent of the quantity offered, suggesting that there is an ample supply of wheat across the country, read the press release.

The successful implementation of the OMSS(D) policy has played a vital role in keeping wheat prices in check within the open market while ensuring a sufficient stock of wheat in the central pool, it said.

This allows the continuation of the OMSS(D) policy throughout the remaining period of 2023-24, contributing to stable wheat prices for consumers. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)