Amid a sharp rise in prices of edible oils, industry body SEA on Tuesday requested its members to refrain from increasing the maximum retail price (MRP) to avoid inconvenience and provide relief to consumers.
Solvent Extractors Association of India (SEA) President Atul Chaturvedi said in a letter to its members that the country is grappling with very high prices of edible oils and the situation has got further aggravated due to the ongoing Russia-Ukraine standoff. "High edible oil inflation, even though it is largely an imported phenomenon, has unnerved policymakers.
However, officials feel the high prices may be contributed by hoarding of edible oils and oilseeds by traders, which we feel may not be the case," he said. Stating that these are unusual times, Chaturvedi advised the members to strictly adhere to the stock limits being prescribed under Storage Control Order.
He also asked the members to "refrain from raising MRP upwards to avoid inconvenience". Mumbai-based SEA also requested members to ensure the supply chain is maintained smoothly and consumers are not put to any difficulty. India meets its 60 per cent of its edible oil demand through imports. The government has taken several measures like a cut in import duty, stock holding limits and surprise inspection to check hoarding, among others, to rein in prices.