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Centre Tightening noose inflation to push mustard oil prices down from February

By FnF Correspondent | PUBLISHED: 22, Oct 2021, 18:38 pm IST | UPDATED: 22, Oct 2021, 18:46 pm IST

Centre Tightening noose inflation to push mustard oil prices down from February

New Delhi: The Central government is tightening the noose on rising inflation amid the ongoing festive season, aiming to tame the rising prices of pulses and edible oils. The Department of Food & Public Distribution, on Friday, said that the intervention of the central government along with the state government is cooling down commodity prices in India much faster than in other countries. 

Secretary, Department of Food and Public Distribution, Sudhanshu Pandey said that international oil prices are rising due to the labour shortage in Indonesia and Malaysia. However, the prices of oil prices remain in control in India. 

Due to labour problems in Indonesia, Malaysia there has been a rise in international crude prices. Price of palm oil rising in the international market, but reducing in India,” Pandey said. 

He also pointed out that the mustard oil production has increased by 10 lakh metric tonnes and that the government hopes that the effect of these steps will be visible soon and the prices of edible oil will start coming down. With this, people will get relief from inflation in the festive season.

He added that along with increasing the import of edible oils, the government has also directed the state governments to strictly curb illicit hoarding. The official said that the government is also making constant efforts to control the prices of pulses. For instance, Toor dal’s import has increased this time as compared to last year. 

He also informed that the Centre will review the prices of edible oil and pulses in a meeting with states next month. He claimed that the prices of edible oil and pulses in the country will start coming down from February. The new crop that will arrive by that time is expected to provide relief from the rising inflation.

Meanwhile, he also pointed out that the government has been able in keeping onion prices under control. “Onion prices are less, we have not seen an extraordinary rise in onion prices. States are of the same view. We don't see a scenario of restricting onion exports. We are offering states onion at Rs 26/kg,” he said.

Pandey also added that the state governments will start fixing the stock limit from next week after holding talks with the traders. If any trader is found collecting more stock than the prescribed limit, legal action will be taken against him. 

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