Center hopes policies will lower edible oil prices

The Ministry of Food and Public Distribution said on Friday that recent government interventions will help push the prices of commodities such as edible oils down further in the coming days.

The department also hopes that major oilseed and oil-producing states begin to impose stock limits starting next week, which will further help cool edible oil prices, providing relief to consumers during festival season. The Center estimates that mustard oil prices are also expected to cool with the arrival of the new crop in February.

Speaking to reporters, Food and Distribution Secretary Sudhanshu Pandey said the Center has taken a series of measures such as streamlining import duties, suspending future trade in mustard oil on the NCDEX and the imposition of stock limits on edible oils and edible oil seeds to ease the prices of edible oils in recent times.

Referring to the high prices of edible oils in the world market, Pandey said: “The intervention of the Center as well as the proactive involvement of state governments has led to a cooling effect on prices in India much more than on markets. international markets ”

Onion price

Meanwhile, responding to questions about retail onion prices, Pandey said, “Onion prices are not extraordinarily high. Average prices are lower than last year. He said state governments are of the opinion that there is not much possibility of a large increase in the coming days.

He said a record 2 lakh tonnes of onion buffer stock has been set and the Center is providing onions to states at subsidized rates from stock to increase availability. He said kharif onion production is expected to be 7-8 lakh tonnes higher this year and this will help cool onion prices further in the coming days.


Source link

Felix J. Dixon

Leave a Reply

Your email address will not be published. Required fields are marked *