Since last year, petrol and diesel prices saw a massive hike and as our transport took a big hit so did our kitchen. Edible oil prices have doubled in one year and have affected the pockets of the common people since most run on a budget. To tackle this, the Ministry of Consumer Affairs, Food and Public Distribution has said that prices of edible oils during festivals will be controlled.
Today, the Food Secretary, after meeting the representatives of the states and people associated with the oil industry, expressed hope that the prices of edible oil will start coming down from October.
The government is taking this step in hope that the soybean production is expected to be good despite the rain situation in Madhya Pradesh and Maharashtra this year. The states also expect the production to be more than last year. The main reason is also that the prices of palm and soybean oil have also come down in the international market, due to which the prices of edible oil in the country will come down.
The government suspects that one of the reasons why the edible oil prices are not coming down maybe hoarding of the product. To curb this practice, now the processing units of traders will have to disclose their stock under the Essential Commodities Act (ESA). State governments will do this work and they have been given this right under the Essential Commodities Act.
The government is also likely to announce a portal for edible oils just like pulses to make the existing stock of edible oil and oilseeds public. Traders can give the disclosure of their stock through this portal, which will be monitored by the state government.
(With inputs from DNA India)
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