Home |Sitemap |FAQs |Contact Us
Product Country
Increase Font Size Decrease Font Size
Menu
Market News
 
Govt considering creating buffer stock for edible oil.
Mar 02, 2022

The Government of India is actively considering creating buffer stock for edible oil. The Government has shown positive inclination towards setting up buffer stocks of edible oil, given the steep price rise witnessed in the last three years.
 
According to edible oil traders, while holding talks with the Government on the situation that arose out of the price rise of edible oil, the traders have suggested the creation of buffer stocks in line with the buffer for food grains.
 
Shankar Thakkar, president of the All India Edible Oil Traders’ Association, has stated that creation of buffer stock was suggested to the Government to ease out the pressure put on domestic edible oil prices due to international causes like the Russia–Ukraine war or bad weather impacting the oil seed production.  
 
The edible oil traders say that the measures taken by the government to increase domestic production would take time to yield results and therefore to stabilise the prices, buffer stock was needed.  
 
Thakkar has said that to arrest the price rise, the Government can take immediate steps like asking the importers to sell edible oil on purchase price.
 
India imports 80% sunflower oil from Ukraine and Russia and both countries are now engaged in a military action. The supplies will be hit till the situation gets normal.
 
The prices of sunflower oil have already witnessed a steep rise ranging from 35-40%, soybean 30-35%, while palm oil has witnessed a rise of close to 25% in the recent past. The retail prices of these oils are also hovering between Rs 150 and 200 per litre.
 
The traders also reiterated their demand for removing the stock limit on edible oil to ease out the oil trade.
    
fnbnews

Archive
 

Trade Leads

Directory's

APEDA Agri Exchange

News & Analysis

Contact

  • Agricultural and Processed Food Products Export Development Authority (APEDA)
    (Ministry of Commerce & Industry, Govt. of India)

  • NCUI Building 3, Siri Institutional Area, August Kranti Marg, New Delhi - 110 016
    Phone : 91-11-41486013, 20863919, 20867008, 20867007