Wednesday, 09 February 2022 21:03

Amid soaring edible oil prices Centre holds meeting with states, UTs to curb hoarding

New Delhi [India], February 9 (ANI): Amid soaring prices of edible oil the Ministry of Consumer Affairs, FoodPublic Distribution said on Wednesday that it has held a meeting with all States and Union Territories (UTs) to discuss the implementation of the measures to curtail any unfair practices like hoarding and black marketing.

"A meeting was held by the Department of FoodPublic Distribution on 08.02.2022 with all States/UTs for discussing the implementation plan of the above order dated 3rd February 2022," the ministry said in a statement.

On 3rd February 2022, the Government notified an order specifying the stock limit quantities on edible oils and oilseeds upto 30th June, 2022 with a view to providing impetus to the various steps taken by the Government to cool the prices of edible oil in the country.

The Stock Limit Order empowers the Union Government and all States/UTs to regulate the storage and distribution of edible oils and oilseeds. This would also help the Government in checking hoarding of edible oils and oilseeds in the country.

"During the meeting, it was emphasized that States/UTs authorities may enforce Stock Limit Quantities Order without causing any disruption in the supply chain and also any undue hardship to bonafide trade," the Ministry of Consumer Affairs, FoodPublic Distribution said.

For edible oils, the stock limit specified is 30 quintals for retailers, 500 quintals for wholesalers, 30 quintals for retail outlets of bulk consumers i.e. big chain retailers and shops and 1000 quintals for its depots. Processors of edible oils would be able to stock 90 days of their storage capacities.

For edible oilseeds, the stock limit is 100 quintals for retailers, 2000 quintals for wholesalers. Processors of edible oilseeds would be able to stock 90 days production of edible oils as per daily input production capacity. Exporters and importers have been kept outside the purview of this Order with some caveats.

In case the stocks held by respective legal entities are higher than the prescribed limits then it has to be declared on the portal ( of the Department of FoodPublic Distribution and bring it to the prescribed stock limits in this Control Order within 30 days of the issue of the notification.

States/UTs have also been provided the access to this portal for monitoring the disclosed stocks by the entities. Further, the States/UTs were advised that the States may regularly monitor the stock limits through the portal.

"The above measure is expected to curtail any unfair practices like hoarding, black marketing, etc. in the market which may lead to any increase in the prices of edible oils. The States/UTs were also briefed about the current international price scenario and how the Indian market is affected by it," the ministry said. (ANI)