Centre proposes moisture meters to measure moisture levels in cereal grains
India depends on imports in order to meet the shortages of edible oil
As per the government data, retail prices of edible oils have gone up by 55.55% in over a year. It has added to the woes of consumers already impacted by the economic distress caused by the COVID-19 pandemic.
Sudhanshu Pandey, Secretary, Departmnet of Food and Public Distribution , Ministry of Consumer Affairs, stated that the government is closely monitoring edible prices, replying to a query on the measures taken to contain the increase in prices.
The industry mentioned recently that some imported stock was stuck at Mundra and Kandla ports due to clearance issues pertaining to tests done by multiple agencies as part of the general risk analysis, in view of the COVID scenario.
The Secretary stated that India depends on imports in order to meet the shortages of edible oil. The country imports edible oils worth Rs 75,000 crore every year.
Per available data, the retail price of vanaspati went up to Rs 140 per kg on May 8 this year, from Rs 90 per kg in the year-ago period.
Similarly, retail price of palm oil has gone up by 51.54% from Rs 87.5 per kg to Rs 132.6 per kg, soya oil by over 50% from Rs 105 per kg to Rs 158 per kg, whereas mustard oil retail price increased by 49% from Rs 110 per kg to Rs 163.5 per kg in the said period.
Moreover, the retail price of soyabean oil also increased by 37% from Rs 87.5 per kg to Rs 132.6 per kg, while that of groundnut oil by over 38% from 130 per kg to Rs 180 per kg in the said period.
Ashwin Bhadri, CEO of Equinox Labs, says, “Edible oils are commonly used in home cooking as well as industrial food manufacturing worldwide. They are the primary source of vitamin E and unsaturated fats in human diets that play an essential role in the body. Edible oils are necessary for proper functioning of the brain and nerve system. The expected reduction in their retail prices will certainly relieve some of the stress people have been experiencing due to the pandemic.”