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The prices of mustard oil and other edible oils will come down, the government took these big steps in the festive season

2021-10-11 10:00:35
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The prices of mustard oil and other edible oils will come down, the government has taken these big steps in the festive season.

* In order to control the rise in the prices of edible oils, the central government has imposed stock limits on oilseeds and edible oils. This decision of stock limit will be applicable till 31 March 2022. The government has also suspended futures trading of mustard oil and oilseeds in NCDEX. This decision of the government can prove helpful in controlling the inflation of edible oils. It is believed that due to non-increasing prices, consumers will get relief in the festive season.

In fact, due to the rise in the price of edible oils in the global market, imported edible oil is becoming costlier, which has badly affected the domestic commodity market. During the last year, the price of edible oils has registered a rise of more than 46 percent. A multi-pronged strategy was formulated to control this inflation of edible oils. Under this, earlier an attempt was made to rationalize the import duty of edible oils. Apart from this, all the parties involved in this business will have to declare their stock information themselves, for which a separate web portal has also been started.*

*In the notification issued to fix the stock limit of edible oils and oilseeds, the states and union territories have been empowered to prepare their available stock and consumption pattern. The exporter shall be exempted from this provision whose stock is kept for export with a refinery, mill owner, oil extractor, wholesaler, retailer or dealer. The same provision will be applicable for importers as well. The stock kept more than the prescribed limit will have to be declared on the portal of the Public Distribution Department.*

Mustard oil increased by 43 percent in one year

*According to the Ministry of Consumer Affairs, the price of soybean oil in the domestic commodity market on October 9, 2021 is Rs 154.95 per kg, as against Rs 106 per kg a year ago. Similarly, the price of mustard oil has increased by 43 per cent to Rs 184 per kg from Rs 129 a kg a year ago. The price of vegetable oil has increased from Rs 95.5 per kg to Rs 136.74. It is known that 60 percent of the domestic consumption of edible oils is met by imports.

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