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The Solvent Extractors’ Association (SEA) of India has issued an advisory to its members to adhere to the stock limit on edible oils prescribed under storage control order and refrain from raising the maximum retail price (MRP).
In an advisory to the members of SEA on Tuesday, Atul Chaturvedi, President of SEA, said India is grappling with very high prices of edible oils. and the situation has got further aggravated due to the ongoing Russia-Ukraine conflict.
Imported phenomenon
“High edible oil inflation, even though it is largely an ‘imported phenomenon’, has unnerved policy makers. However, somehow 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, he advised the members of SEA to strictly adhere to the stock limits being prescribed under storage control order and also refrain from raising MRP upwards to avoid inconvenience.
“We would also request members to ensure supply chain is maintained smoothly and consumers are not put to any difficulty. I am sure members would understand the gravity of the situation and do whatever is possible in providing succour to the harried consumer,” he said.
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