‘Edible oil prices to start cooling from Oct’
11 Sep 2021
Pune: An ongoing drive to collect data about edible oil and oilseed stocks with the trade and industry will help deter hoarding and bring relief to consumers on prices, union food secretary Sudhanshu Pandey said on Friday.
In an interaction with the media, Pandey predicted prices to start cooling from October.
“To minimise the possibility of unfair practices of any kind and bring transparency in the availability of edible oils, the Centre has asked states to take disclosures of stock of edible oilseeds and oils with the millers and stockists,” said Pandey.
Millers and stockists will have to submit the data on a portal for transparency and better monitoring. Disclosure of stocks held and better monitoring will help deter unfair practices and hoarding, he said.
Pandey said states were told to ensure that retailers prominently displayed the rates of edible oils.
Production and availability of soyabean seeds will improve from the kharif season beginning October and of other oilseeds by the coming rabi season, the food secretary said.
This is also expected to help bring prices of edible oils down from October onwards. As of now, there is no need for extension of import duty relaxations, Pandey said.
The food secretary earlier in the day held a discussion with industry and trade representatives, where the participants raised concerns about the return of ‘inspector raj’ saying that it could disrupt the supply chain.