New Delhi: Center imposed stock limit on traders on Sunday edible oil and oilseeds, except importers and exporters, till March 31, to check rising domestic prices and provide relief to consumers.
Futures trading is already going on in mustard oil NCDEX Platform has been suspended from October 8, it said.
According to government data, edible oil prices in domestic retail markets have risen sharply by up to 46.15 per cent in the past one year due to global factors and local tight supply conditions.
“The Centre’s decision will bring down the prices of edible oils in the domestic market, which will bring great relief to the consumers across the country,” the Ministry of Food and Consumer Affairs said in a statement.
According to the order issued to all the states, the state governments and union territories will decide the stock limit to be imposed on edible oils and oilseeds keeping in view the available stock and consumption pattern of that particular state or union territory.
However, some importers and exporters are exempted from the stock limit.
Exemption is given to those exporters (being refiner, miller, extractor, wholesaler or retailer or dealer) who have a Importer-Exporter Code Number Issued by director general of foreign trade (DGFT) and are able to demonstrate that the whole or part of their stock is for export and to the extent of stock for export.
The ministry said that this exemption is also given to those importers (being refiner, miller, extractor, wholesaler or retailer or dealer) who are able to demonstrate that part of their stock in respect of edible oils and edible oilseeds , which are obtained from imports.
If the stocks held by the concerned legal entities exceed the prescribed limit, they will declare it on the portal (https://evegoils.nic.in/EOSP/login). Department of Food and Public Distribution and bring within 30 days from the date of issue of such notification by the said authorities to the prescribed stock limit as may be decided by the States where it is carrying on its business.
States have been asked to ensure that the stock details of edible oils and oilseeds are regularly declared and updated on the central government portal.
It said that the removal of licensing requirements, stock limits and movement restrictions on the Specified Foodstuffs (Amendment) Order, 2021 has been issued with immediate effect from September 8.
According to the ministry, the high prices of edible oils in the international market have had a significant impact on the domestic edible oil prices. However, the government has devised a multi-pronged strategy to ensure that the prices of essential commodities like edible oils remain under control.
It said measures like rationalization of import duty structure, introduction of a web-portal for self-disclosure of shares held by various stakeholders have already been taken.
According to data maintained by the consumer affairs ministry, the average retail price of soya oil on October 9 this year was Rs 154.95 per kg, up 46.15 per cent from Rs 106 per kg in the year-ago period.
Similarly, the average price of mustard oil rose 43 per cent to Rs 184.43 per kg from Rs 129.19 per kg, while that of vanaspati rose 43 per cent to Rs 136.74 per kg from Rs 95.5 per kg in the said period.
In case of sunflower, its average retail price rose by 38.48 per cent to Rs 170.09 per kg on October 9 this year from Rs 122.82 per kg in the year-ago period, while palm oil price rose 38 per cent to Rs 132.06 per kg. Went. During that period Rs. 95.68 per kg.
India meets more than 60 percent of its edible oil demands through imports.
Futures trading is already going on in mustard oil NCDEX Platform has been suspended from October 8, it said.
According to government data, edible oil prices in domestic retail markets have risen sharply by up to 46.15 per cent in the past one year due to global factors and local tight supply conditions.
“The Centre’s decision will bring down the prices of edible oils in the domestic market, which will bring great relief to the consumers across the country,” the Ministry of Food and Consumer Affairs said in a statement.
According to the order issued to all the states, the state governments and union territories will decide the stock limit to be imposed on edible oils and oilseeds keeping in view the available stock and consumption pattern of that particular state or union territory.
However, some importers and exporters are exempted from the stock limit.
Exemption is given to those exporters (being refiner, miller, extractor, wholesaler or retailer or dealer) who have a Importer-Exporter Code Number Issued by director general of foreign trade (DGFT) and are able to demonstrate that the whole or part of their stock is for export and to the extent of stock for export.
The ministry said that this exemption is also given to those importers (being refiner, miller, extractor, wholesaler or retailer or dealer) who are able to demonstrate that part of their stock in respect of edible oils and edible oilseeds , which are obtained from imports.
If the stocks held by the concerned legal entities exceed the prescribed limit, they will declare it on the portal (https://evegoils.nic.in/EOSP/login). Department of Food and Public Distribution and bring within 30 days from the date of issue of such notification by the said authorities to the prescribed stock limit as may be decided by the States where it is carrying on its business.
States have been asked to ensure that the stock details of edible oils and oilseeds are regularly declared and updated on the central government portal.
It said that the removal of licensing requirements, stock limits and movement restrictions on the Specified Foodstuffs (Amendment) Order, 2021 has been issued with immediate effect from September 8.
According to the ministry, the high prices of edible oils in the international market have had a significant impact on the domestic edible oil prices. However, the government has devised a multi-pronged strategy to ensure that the prices of essential commodities like edible oils remain under control.
It said measures like rationalization of import duty structure, introduction of a web-portal for self-disclosure of shares held by various stakeholders have already been taken.
According to data maintained by the consumer affairs ministry, the average retail price of soya oil on October 9 this year was Rs 154.95 per kg, up 46.15 per cent from Rs 106 per kg in the year-ago period.
Similarly, the average price of mustard oil rose 43 per cent to Rs 184.43 per kg from Rs 129.19 per kg, while that of vanaspati rose 43 per cent to Rs 136.74 per kg from Rs 95.5 per kg in the said period.
In case of sunflower, its average retail price rose by 38.48 per cent to Rs 170.09 per kg on October 9 this year from Rs 122.82 per kg in the year-ago period, while palm oil price rose 38 per cent to Rs 132.06 per kg. Went. During that period Rs. 95.68 per kg.
India meets more than 60 percent of its edible oil demands through imports.
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