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LATEST NEWS UPDATES | Rising prices of edible oils: Centre hopes states will impose stock limits -Shankhyaneel Sarkar

Rising prices of edible oils: Centre hopes states will impose stock limits -Shankhyaneel Sarkar

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published Published on Oct 22, 2021   modified Modified on Oct 26, 2021

-Hindustan Times

Rising prices of edible oils have dampened the mood ahead of the festive season. 

The central government on Friday expressed hope that key oilseeds and edible oil-producing states will begin implementing stock limits from next week. It will further help in cooling down the prices and bring some relief to consumers amid the festive season, the government said.

The central government said that it took measures to reduce edible oil prices by 3-4 per kilogram and the benefit has been passed on to consumers after steps were taken to bolster domestic availability and check price hike.

“Despite international commodity prices being high, interventions taken by the central government along with state governments' proactive involvement have led to cooling down of prices in India much more than the international market,” Sudhanshu Pandey, food secretary, was quoted as saying by news agency PTI.

He said that the 3-4 per kilogram reduction on retail prices of edible oils would not be possible without proactive intervention on behalf of the government. “Edible oil prices are higher than the year-ago period but from September onwards, there was a declining trend,” Pandey said. He said that the recent steps will start impacting rates of edible oils.

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Hindustan Times, 22 October, 2021, https://www.hindustantimes.com/business/rising-prices-of-edible-oils-centre-hopes-states-will-impose-stock-limits-101634914861948.html


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