Sufficient stock of edible oils in India; monitoring prices, supply situation: Food Ministry

  • on May 2, 2022
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Sufficient stock of edible oils in India; monitoring prices, supply situation: Food Ministry

Sufficient stock of edible oils in India; monitoring prices, supply situation: Food Ministry

Sufficient stock of edible oils in India: The government on Sunday said the country has an adequate load of consumable oils and it is keeping a nearby watch on the cost as well as supply situation. “India has an ideal supply of every single consumable oil. According to the business sources, the current supply of all eatable oils in the nation is 21 lakh tons approx and 12 lakh tons approx. is on the way showing up in May 2022,” the food and buyer undertakings service said in a proclamation.

Therefore, the country has sufficient stock to cover the lean period due to the ban on export by Indonesia, it added.

On the oilseeds front, the agriculture ministry’s second advance estimate released in February 2022 showed an exceptionally positive image of soybean creation for the year 2021-22 at 126.10 lakh tons, which is higher than last year’s creation of 112 lakh tonnes.

As a result of the higher sowing of mustard seeds by 37 percent in all major producing states, including Rajasthan, in comparison with last year, the production may rise to 114 lakh tonnes in the 2021-22 season.

The Department of Food and Public Distribution is observing the cost and accessibility situation and meetings are held routinely with significant eatable oil handling relationship to examine a further decrease in the domestic edible oil costs and MRP to give help to customers,” the statement said.

The food ministry noticed that palm oil (crude and refined) constitutes around 62% of the absolute imported edible oils. They are imported mainly from Indonesia and Malaysia.

Soyabean oil (22 %) is imported from Argentina and Brazil, while sunflower oil (15 %) is imported mainly from Ukraine and Russia.

“International prices of edible oils are under pressure due to shortfall in global production and increase in export tax/levies by the exporting countries,” the statement said.

India is one of the largest producers of oilseeds in the world. This sector occupies an important position in the agricultural economy, accounting for the estimated production of 37.14 million tonnes of nine cultivated oilseeds during the years 2021-22.

“A close watch is being kept on a day to day basis on prices of edible oils so that appropriate measures can be taken to keep a check on the prices…,” it added.

The Inter-Ministerial Committee meetings held weekly on agri-commodities chaired by the food secretary closely monitor the prices and availability of agricultural commodities including edible oil, keeping in view the interest of the farmers, industry, and consumers.

The committee reviews the price situation on a weekly basis and considers relevant measures in relation to edible oils and other food items depending on the domestic production, demand, domestic and international prices, and international trade volumes.

Special teams have also been constituted by both Central and state governments to prevent hoarding and profiteering under the Essential Commodities Act.

“These surprise checks shall continue to check unscrupulous elements,” the statement added.

 

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