Tridge summary
The retail prices of edible oils in India have reached a decade-high due to a global surge in prices, which has nearly doubled in the last six months. The government is urging state governments and industry stakeholders to help reduce local edible oil prices. The significant increase in the retail price of various edible oils over the past year includes a 62.35% increase in palm oil, a 59% increase in sunflower oil, a 56% increase in vanaspati, a 55% increase in soya oil, and a 35.33% increase in groundnut oil. The high dependence on imports and various other factors such as weather problems, labour issues, and bio-diesel thrust have contributed to the global price hike. The Solvent Extractors’ Association (SEA) suggests a few measures to mitigate the impact, including a buffer stock of edible oils, subsidizing edible oils, freezing tariffs at lower levels, reducing agri-cess on imports, and reducing the volatility permitted in commodity exchanges to curb speculation.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Go easy on the oil when rustling up your favourite curry, pasta, or pan-fried noodles as the prices of edible oils are at an all-time high and still climbing. Concerned about retail prices of edible oils soaring to their highest levels in over a decade in May 2021, and at a time when consumers are already reeling under the economic distress induced by the Covid-19 pandemic and consequent lockdowns, Food Secretary Sudhanshu Pandey had a discussion with various stakeholders including producers of edible oil seeds, millers, stockists, wholesalers, and various industry associations to help rein in the local edible oil prices. Following the discussion, the central government has urged the State governments and stakeholders from the industry and trade to take all possible steps to soften the prices of edible oils. It has also asked them to consider asking commodity exchanges through market regulator SEBI to bring down circuit limit on oilseeds and oils. Meanwhile, the government has ...
Source: Indoasiancommodities
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