CENTRAL PANEL TO KEEP EYE ON KEY COMMODITIES AS PRICES SOAR
NEW DELHI: The Union government has formed an inter-ministerial committee to monitor domestic prices, shipments and availability of agri commodities, especially edible oil, as higher fertiliser and global commodity rates have sent domestic food prices soaring, an official said, requesting anonymity. India imports up to two-thirds of its cooking oil requirement to meet domestic demand.
The committee, headed by Union food secretary Sudhanshu Pandey, this week reviewed the availability of edible oils in the country and met representatives of major oil processing associations, the official added.
THE PANEL, HEADED BY UNION FOOD SECRETARY SUDHANSHU PANDEY, THIS WEEK REVIEWED THE AVAILABILITY OF EDIBLE OILS IN THE COUNTRY
NEW DELHI: The Union government has formed an interministerial committee to monitor domestic prices, shipments and availability of agricultural commodities, especially edible oil, as higher fertiliser and global commodity rates have sent domestic food prices soaring, an official said, requesting anonymity.
India imports up to twothirds of its cooking oil requirement to meet domestic demand. A sudden decision this week by Indonesia, the world’s largest palm oil shipper, to ban palm oil exports has sent edible-oil prices into a tailspin, straining supplies already choked by drought and shortages after Russia’s invasion of Ukraine.
The committee, headed by Union food secretary Sudhanshu Pandey, this week reviewed the availability of edible oils in the country and met representatives of major oil processing associations, the official added.
According to data provided by the food ministry, India’s current stock of all types of edible oil is estimated to be 2.1 million tonne approximately, which is sufficient for the month of May.
Another 1.5 million tonne of imported edible oil is in transit, which will arrive in batches during the course of the month, the data showed.
India imports nearly eight million tonne annually to meet its domestic demand. In March, retail inflation quickened to 6.95% — a 17-month high — compared to 6.07% in the previous month, driven by a sharp jump in food price, according to latest available official data.