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Centre reviews edible oil stock limit with states to ease prices

New Delhi, Oct 25: The Centre on Monday reviewed the stock limit of edible oil with the state governments to ease retail price of the commodity during the festive season.

The meeting followed a direction from the Centre to the states on October 8 to impose a stock limit on edible oil which should not exceed two months of capacity.

At the meeting, a government statement said, Uttar Pradesh said they have already initiated measures in this direction and issued a stock limit order on October 12, 2021, which will soften the prices.

States of Rajasthan, Gujarat and Haryana have already submitted the proposal to impose stock limit while States of Maharashtra, Odisha, Kerala, Jharkhand, Chhattisgarh, Andhra Pradesh, Tamil Nadu, Tripura, UT of Chandigarh has initiated the process of fixing stock limits and will soon notify relevant limits for different classes.

The statement said the Centre underlined that the benefits from the duty cuts should be passed on to the consumers to provide immediate relief. This would also bring down food inflation.

On October 22, the retail price of mustard oil stood at Rs 185.5/kg, groundnut oil at Rs 182.86/kg, vanaspati at Rs 138.31/kg and palm oil at Rs 132.64/kg.

Amid the escalating price, the Centre has cut Import duty on crude sunflower oil and crude soyabean oil to zero per cent, with agri-cess of 5 per cent until next March. Similarly, import duty on refined palm oil, refined sunflower oil and refined soyabean oil was cut to 17.5 per cent until March 2022.

Monday’s meeting was chaired by Joint Secretary of the Department of Food and Public Distribution Partha S. Das, who stressed that the stock limit has to be notified by each State/UT based on their consumption pattern.

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