The Ministry of Consumer Affairs, Food & Public Distribution has noted in a latest update that in order to rein in the prices and provide relief to the consumers who are reeling under unprecedented inflationary circumstances, the government has taken a number of steps recently. Apart from rationalizing import duties on palm oil, sunflower oil and soyabean oil, futures trading in mustard oil on NCDEX has been suspended and stock limits on oils and oilseeds have been imposed. Edible oil prices are higher than a year ago period but from October onwards there is a declining trend. Further, the government is taking steps to improve the production of secondary edible oils, especially rice bran oil to reduce the import dependence.
The latest step taken by the Government for controlling the prices of various oils is with respect to Soya meal. Stock limit on Soya Meal which is a major source of protein and constitutes almost 30% in Livestock Feed has been imposed with effect from 23rd December, 2021 till June 2022 by including it in the Schedule to Essential Commodities Act, 1955. This will cool down the prices and improve supply. The Govt has also suspended futures trading in all essential commodities for a period of one year, upto December 2022.
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