Centre imposes stock limits on edible oils to soften the prices of edible oils in the domestic market

Centre imposes stock limits on edible oils to soften the prices of edible oils in the domestic market

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Hummingbird News Desk

NEW DELHI, 10 OCT: The Department of Food and Public Distribution in a landmark decision has imposed stock limits on Edible Oils and Oilseeds for a period up to 31st March, 2022.

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In a release the department said that the Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021 has been issued with immediate effect i.e. from 8th September, 2021.Future trading on Mustard Oil and Oilseeds was suspended in NCDEX w.e.f October 08, 2021.

The Centre’s decision will soften the prices of edible oils in the domestic market, thereby, bringing great relief to consumers across the country.

The release said that the high prices of edible oil in international market have a substantial impact on the domestic edible oil prices. Under the visionary leadership of PM Narendra Modi, Govt. of India has formulated a multi- pronged strategy to ensure that the prices of essential commodities like edible oils remain controlled. Measures like rationalization of import duty structure, launching of a web-portal for self-disclosure of stocks held by various stakeholders etc. had already been taken.

In a consistent effort to further cool down the domestic prices of Edible Oils, the Centre has issued the order which was shared with all States.

Under this order, the stock limit of all Edible Oils and Oilseeds will be decided by the respective States Government/Union Territories Administration on the basis of available stock and consumption pattern of the State/Union Territory.

Tags: #CentreImposesStockLimits #EdibleOils #DomesticMarket

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