NEW DELHI: The Centre has extended the stock limits placed on edible oils and oilseeds until December 31 due to the ongoing Ukraine-Russia crisis, which has resulted in supply restrictions in the import of food oils and oilseeds. This will take effect on April 1st.
The deadline has been extended from March 31 to December 31 according to a notification issued by the Ministry of Food, Consumer Affairs and Public Distribution's Department of Food and Public Distribution on Wednesday. The high prices of edible oils on the global market have had an impact on domestic prices. The majority of India's sunflower oil imports originate from Ukraine. The global supply chain shortfall has impacted Indian markets as well.
The administration claimed to have devised a multi-pronged plan to keep the cost of key commodities like edible oils under control. Measures have already been taken, such as the rationalisation of import tariff structures and the development of a web-portal for self-disclosure of stocks held by various stakeholders.
The stock limits for edible oils are 30 quintals for retail and 500 quintals for wholesale with this modification, while the stock limits for oilseeds are 100 quintals and 2,000 quintals, respectively. Processors have 90 days of storage/production capacity in both scenarios.