Business Standard

States told to act against edible oil hoarding

- PRESS TRUST OF INDIA

Amid edible oil prices continuing to remain high, the Centre on Friday asked states to direct retailers to prominentl­y display the prices of all edible oil brands for the benefit of consumers and also take action against hoarding at the level of wholesaler­s, millers and refiners.

After a meeting with states' representa­tives and industry stakeholde­rs, Union Food Secretary Sudhansu Pandey also ruled imposing stock limit on traders as well as the possibilit­y of fixing MRPS (Maximum Retail Prices) for edible oils as he emphasised that market forces will determine the rates in a good competitiv­e environmen­t.

Pandey said the government will take a call on existing import duty regime after analysing the impact of various measures taken to reduce the prices.

According to him, edible oil prices are expected to cool down with the arrival of new kharif crop by the end of this month, declining price trend in global markets and steps taken by the central government.

In the last few months, the Centre has cut import duty on various edible oils and asked states to take details of stock of edible oils and oilseeds from wholesaler­s, millers, refiners and stockists. It has also announced a Rs 11,040 crore-palm oil mission.

Stressing that the government's current focus is on ensuring transparen­cy across the supply chain, Pandey said that in today's meeting, states have been told to ensure that retailers "prominentl­y display the rates of edible oils".

"... Some states have already notified that they (retailers) have to simply display at what rate it is available. Then it is a consumer choice to make a choice whether to buy x or y brand depending on his own preference," he noted.

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