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LATEST NEWS UPDATES | Govt lifts stock restrictions on edible oil for wholesale traders

Govt lifts stock restrictions on edible oil for wholesale traders

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published Published on Nov 2, 2022   modified Modified on Nov 3, 2022

-Hindustan Times

The exemption on stock limits will also apply to big-chain suppliers and super markets, the government added, in a move aimed at easing tight controls over stocking of edible oils due to high prices

New Delhi: The Union government said in a notification issued Tuesday that it has lifted restrictions on stocks of edible oil wholesalers can store owing to an increase in global supplies and stable domestic prices.

The exemption on stock limits will also apply to big-chain suppliers and super markets, the government added, in a move aimed at easing tight controls over stocking of edible oils due to high prices.

The government imposes stock limits under relevant consumer laws to bar traders from stockpiling huge reserves of a commodity, thereby helping to improve supplies in retail markets as a way to control inflation.

Global supply disruptions due to the knock-on effects of the pandemic and the war in Ukraine sent edible oil prices spiraling in the first half of this year to their highest levels in a decade. Ukraine and Russia are major suppliers of sunflower oil. India imports up to 70% of its annual edible oil requirement.

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Hindustan Times, 2 November, 2022, https://www.hindustantimes.com/india-news/govt-lifts-stock-restrictions-on-edible-oil-for-wholesale-traders-101667330641219.html


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