New Delhi: After pulses, now edible oil and oil stockists, grinding and distillers must reveal their stock.
In the midst of the price increase of all edible oils, the center on Wednesday asked the state to issue instructions to the players to declare their stock and countries can also verify them.
This is being done to prevent any hoarding.
However, it is not as in the case of pulses where the center has limited the stock that retailers and wholesalers or stokis can save them at any point in time, the center says there are no plans to set any limits to edible oil and oil stocks.
“There is no sequence like the stock limit in this regard,” said a ministry spokesman.
The letter issued by the Ministry of Food said that under the Essential Commodity Act, the countries were empowered to gather information from people involved in production, supply or distribution of important commodities and also checking records.
The letter said the online system would be placed in a place where millers, refiners, stockists and traders can upload their stock details and state government agencies can verify the details.
Similar systems are put in place for credit too.
The Union Food Secretary is scheduled to hold a meeting with state government officials on Friday to ensure the compliance of the center direction.
This step appears in the light of “sudden burst in edible oil prices and oil” even though there is a reduction in import duties.
The Ministry’s letter said the bursts of this price “may be caused by suspicion of hoarding” by shareholders.
“This step is made to ensure that there are no unfair practices and the consequences of increasing vegetable oil because of the hoarding of any item,” the official statement issued by the Ministry said.
The average retail price of one-liter soybean oil has increased to RS 153 compared to Rs 104 per year.
Likewise, the price of sunflower oil rose from RS 116 to RS 172 during this period.
In the case of palm oil, the price has surged to Rs 133.7 from Rs 94.2 during this period.