Over two weeks after the Centre directed the imposition of stock limits on edible oils to tame soaring prices, Uttar Pradesh is the only State which has actually followed through and issued a stock limit order. After a meeting with State government representatives on Monday, the Food Ministry said three other States have submitted a stock limit proposal and eight others have initiated the process to fix limits.
Nationwide average retail prices for mustard and palm oil are around 45% higher than last year, while soya oil prices have shot up 53%, according to Ministry data.
Also Read: Edible oil prices likely to ease by December: official
Festive season demand and international price surges are likely to keep retail rates high, spurring the Centre to issue the Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021 on October 8.
Uttar Pradesh issued the order within four days.
In Monday’s meeting, Food and Public Distribution Joint Secretary Partha S. Das urged States to speed up the process to ensure consumers get the benefits of stock limits before the festive season.Rajasthan, Gujarat and Haryana Governments informed the Centre that their stock limit proposals have already been submitted, according to a Ministry statement.
