Government has initiated surprise checks to curb edible oil hoarding
New Delhi:
The government said Monday it has launched a round of inspections to curb the hoarding and black marketing of edible oils and oilseeds to stem rising retail prices and increase their availability.
The country, which depends on edible oil imports to meet more than 60 percent of its domestic demand, has seen a sharp rise in retail prices of various cooking oils in recent months as a result of the global geopolitical situation. Despite various government measures, prices have remained solid.
“The government has taken many measures. A recent step is that from April 1, we have launched a round of inspections to curb the hoarding and black marketing of edible oils and oilseeds,” said Food Minister Sudhanshu Pandey.
Pandey said a central team along with government officials are conducting inspections in several oilseed and edible oil-producing states.
Major states such as Uttar Pradesh, Madhya Pradesh and Maharashtra are now being covered, he said, adding that the drive will be intensified in the coming days.
On other measures, the secretary said the government has already lowered tariffs on edible oils, extended stockholding limits and ensured early clearance of ships in ports, in addition to facilitating imports through private traders.
Apart from that, the Center holds regular meetings with states to ensure that the maximum retail price (MRP) set by wholesalers is being adhered to by the retailers, Mr Pandey said.
In the case of sunflower oil, the secretary said that Russia and Ukraine are the two main suppliers, and private traders are making efforts to buy from other countries, but the amount is small.
According to data kept by the Ministry of Consumer Affairs, average retail prices of soybean oil, sunflower oil and palm oil have risen sharply in the past three months.
The average selling price of sunflower oil is Rs 184.58 per kg on April 4, compared to the price of Rs 161.71 per kg on January 1 this year.
Similarly, the average selling price of soybean oil has risen to Rs 162.13 per kg from Rs 148.59 per kg while that of palm oil has risen to Rs 151.59 per kg from Rs 128.28 per kg in the said period.
