Edible Oil Stock Limit: Edible oil prices are continuously declining. In view of this, the Modi Government at the Center has taken a big decision. The government has decided to remove the stock limit of edible oil which has been imposed for one year. After this decision, now chains and wholesalers will be able to store edible oil and oilseeds according to their need and desire. The government has taken this decision in view of the falling prices of oil and oilseeds in the international market. Now farmers, shopkeepers and customers will all benefit from this.
Reasons behind imposing stock limits
It is worth noting that in the month of October 2021, the central government had fixed its storage limit to control the rising prices of oil and oilseeds. After this, from big retailers to wholesalers, they could not store edible oil and oilseeds in excess of the prescribed quantity. The government took this step to control the rising prices of edible oil. After this order, the right to fix the limit on how much oil and oilseeds sellers would be able to store went to the states and union territories.
Last year, there was a sudden increase in the prices of oil and oilseeds in the international market. After this, due to the Russia-Ukraine War this year, the supply was also badly affected. In such a situation, the Central Government had fixed this stock limit so that the burden of inflation does not increase on the customers due to this reason.
Know how much was the stock limit
The government had given permission to retail sellers to store 30-30 quintals of oil and oilseeds. Apart from this, the wholesalers could store 500 quintals. At the same time, sellers of retail chains and sellers of shops were given permission to store 30 quintals and up to 1,000 quintals of oil and oilseeds. Along with this, all these stocks can be stored only for 90 days.
What will be the benefit to the customers
After removing the government’s stock limit, now wholesale and big retail shopkeepers will be able to keep a stock of edible oils in large quantities with them and due to better supply in the market, the pressure on prices will also be less. The prices of edible oil have come down for the last few days and with this move it is anticipated that the prices may fall further. Now shopkeepers will also be able to store different varieties of edible oils, which will benefit the customers. This order of the government has come into force with immediate effect.
Customers will get this benefit
After the government’s decision to remove the limit on the stock of oil and oilseeds, now retailers and wholesalers will be able to store edible oil in large quantity. This will improve its supply in the market, which will reduce the pressure on the prices of edible oil. Due to this, the prices of edible oil will also see a further fall in the coming time. Along with this, now all the shopkeepers will be able to store more and more different types of oil and supply more in the market. This order has come into force.
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