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India has Sufficient Stock of Edible Oils

by | May 3, 2022 | Oil Seeds

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The government on Sunday said the country has sufficient stock of edible oils and it is keeping a close watch on the price as well as supply situation.

“India has optimum stock of all edible oils. As per the industry sources, the present stock of all edible oils in the country is 2,1 million tonnes approx and 1,2 million tonnes approx. is in transit arriving in May, 2022,” the food and consumer affairs ministry said in a statement.

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

On the oil seeds front, the agriculture ministry’s second advance estimate released in February 2022 showed a very positive picture of soybean production for the year 2021-22 at 12,61 million tonnes, which is higher than last year’s production of 11,20 million tonnes.

As a result of 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 11,4 million tonnes in the 2021-22 season.

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

Soybean oil (22 per cent) is imported from Argentina and Brazil, while sunflower oil (15 per cent) 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 oil seeds 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 oil seeds during the year 2021-22.

“A close watch is being kept on 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.

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.

Source: financial express

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