The Industry Authority appeals to members not to store vegetable oils

In light of the fluctuations in international oil markets due to the Ukraine-Russia war and the resulting uncertainty over imports, the Solvent Extractors Association of India on Tuesday appealed to its members to strictly adhere to the stock limit stipulated in the Storage Control Order and also to refrain from raising the maximum retail price for edible oils. .

This trend came on the heels of soaring edible oil prices, including vegetable oil prices, in the past few years.

“Our country is grappling with rising prices for edible oils and the situation has been further exacerbated by the ongoing confrontation between Russia and Ukraine. High inflation in edible oil, although to a large extent an ‘imported phenomenon’ has alarmed policy makers. However, said Atul Chaturvedi, president of the association. , in the member counseling, in a way, officials feel that the price hike may be due to merchants hoarding edible oils and oilseeds, which we feel may not be the case.”

Then the advisory advisor from the association, a major association of the vegetable oil industry and trade, said: “These are unusual times and we advise our members to strictly adhere to the stock limits stipulated in the Storage Control Order and also to refrain from raising the maximum retail price (MRP) higher to avoid any inconvenience. It is also the members’ duty to ensure that the supply chain is kept running smoothly and consumers are not experiencing any difficulty.”

Effective April 1, the center has extended stock limits on edible oils and oilseeds until December 31, 2022.

Domestic prices have been affected by the rise in edible oil prices in the international market and have a significant impact on domestic edible oil prices. The majority of India’s imports of sunflower oil come from Ukraine and have been affected by the war. The shortage in the global supply chain has had an impact on the Indian markets as well.

The stock limits of edible oils are 30 quintals for retail and 500 quintals for wholesale, while the same limits for oilseeds are 100 quintals and 2000 quintals, respectively. Either way, the time required for the processors is 90 days of storage/production.

– Jans

(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)

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