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Govt decides to lift stock limit on oilseeds and edible oil
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Friday, 04 November, 2022, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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In a major relief to edible oil traders, the Government of India has decided to remove the stock limit for oilseeds and edible oil. The relief was primarily given to wholesale traders and big chain retailers.
Shankar Thakkar, president of the All India Edible Oil Confederation, has said that the move will help in easing out the prices of edible oil. The decision by the Government will also help the traders to stock more and ultimately aid to increased supplies of all kinds of edible oil.
Further, he added that the move will bring relief to farmers, who until now were not getting enough buyers for their fresh oil seed crops because of the stock limit.
The decision by the Government to put a stock limit was taken after witnessing continuous price rise of edible oil from October 8, 2021. Under this order, the states were asked to put stock limits based on consumption patterns. Subsequently the order dates were extended to June 2022 and further extended till December 31, 2022.
Thakkar, meanwhile, said that the traders were demanding the removal of stock limit right from the time decision was taken and raised the issue before the authorities on several occasions.
According to Thakkar, the primary reason for the removal of stock limit was easing of prices of edible oils in international as well as domestic markets.
According to the statement issued by the Government of India, “As the price situation of major edible oils is now witnessing a gradual reversal as there is considerable decline in the prices of edible oil in the international market as well as the domestic market, the stock limit order was reviewed by the department. A need was felt for exempting big chain retailers and wholesalers from the stock control order as reports were coming that wholesalers and big chain retail outlets were facing problems in their sale due to the Control Order as the limits specified for them were very less and replacement of shelf stocks in city limits is not possible on everyday basis.”
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