Important meeting will be held on stock holding limit order
The central government has swung into action regarding the cost of cooking oil during the festive season. The central government said that it is monitoring the prices of cooking oils as demand picks up during the festive season and will meet with the states on October 25 to review the action taken on their stock holding limit orders. will hold a meeting. The central government on October 10 imposed stock limits on traders of edible oils and oilseeds till March 31, except for a few importers and exporters, to control domestic prices and provide relief to consumers.
The State Governments and Union Territories were to fix stock limits on edible oils and oilseeds keeping in view the available stock and consumption pattern of that particular State or Union Territory. According to an official statement, the Department of Food and Public Distribution will hold a meeting on October 25, 2021 with all states/UTs through video conferencing to review the action taken on stock limit orders on food prices.
Supply monitoring is being done to reduce prices
In a letter to the states, the department has outlined the initiatives taken by the Center to bring down the prices of edible oils for consumer’s relief and keeping in view the festive season. The department is monitoring the prices of edible oils as well as domestic supplies, the statement said. This is especially important in the context of the upcoming festive season in which the demand for edible oils will increase.
these steps taken
The Center has already taken several steps to bring down the high prices, including a major cut in import duty on palm oil, sunflower oil and soybean oil. Further, the department said that the stock disclosure notification has been issued and a web portal has been created to monitor the stock of edible oils/oilseeds in the country on a weekly basis.
The department noted that the demand for edible oils varies from state to state/UT as per the preferences of the consumers. However, for finalizing the stock limit for edible oils and oilseeds, the previous stock limit imposed by the State/UT for edible oils and oilseeds may be considered.
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