Commodity News
HeadLine : Maharashtra govt not to put stock-limit on edible oil stocks
Date : Nov 29 2021
According to edible oil traders, the Maharashtra Government has deferred the matter for 2-3 months. The decision of stock-limit on edible oil stocks was taken by the Union Government, which directed the state governments to ensure stock limit on edible oil stocks keeping in view the price rise. The order was issued under the Essential Commodities Act and will be binding until March 31. The state government was to decide the stock-limit of edible oil stocks but the Maharashtra Government has decided to defer the decision after a delegation of edible oil traders met with the Food and Civil Supplies Secretary and requested for a deferment. The traders told the state government that the stock-limit decision would be detrimental to the farmers and traders both. Shankar Thakkar, president of the All Indian Edible Oil Traders’ Association, stated that the government listened to their request and decided to defer the decision. According to Thakkar, in the meeting, officials from civil supplies, and agriculture department were also present. "We requested the state government that in the next 2 to 3 months, the fresh crop of edible oil seed will arrive and if the stock-limit order was passed, this would be detrimental to the farmers. Also, India imports edible oil in great volume, and there is no ban on imported edible oil and the prices have stabilised now. Therefore, the decision to put a stock- limit on domestic edible oil will not yield desirable results,” he said. Thakkar added that the state government has decided that there will not be any stock-limit at the moment on edible oil stocks. However, if edible oil witnesses price rise again and upto 30%, the government will again discuss the matter with the traders. The Union government has also been informed about the decision, he said.


Source: FNB News
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