“India has an abundant supply of all edible oils.” According to industry sources, the current supply of all edible oils in the nation is around 21 lakh tons, with 12 lakh tons arriving in May 2022,” the food and consumer affairs ministry said in a statement.
India is one of the world’s major producers of oilseeds. This industry plays a major role in the agricultural economy, with an expected production of 37.14 million tons of nine planted oilseeds in 2021-22.
On May 1, 2022, the administration stated that the country has sufficient stocks of edible oils and that it is keeping a careful eye on the price and supply situation.
As a result, the country has enough supplies to cover the lean time caused by Indonesia’s export prohibition, it noted.
On the oilseeds front, the agricultural ministry’s second advance estimate issued in February 2022 painted a highly bullish image of soyabean output for the year 2021-22 at 126.10 lakh tons, up from 112 lakhs tons previous year.
Because of increased mustard seed sowing by 37% in all main producing states, including Rajasthan, compared to previous year, production might reach 114 lakh tons in the 2021-22 season.
“The Department of Food and Public Distribution is monitoring the price and availability situation, and meetings with major edible oil processing associations are held on a regular basis to discuss further reductions in domestic edible oil prices and MRP to provide relief to consumers,” according to the statement.
According to the food ministry, palm oil (crude and refined) accounts for around 62% of all imported edible oils. They are mostly imported from Indonesia and Malaysia.
Soybean oil (22%) is imported mostly from Argentina and Brazil, while sunflower oil (15%) is imported primarily from Ukraine and Russia.
“International edible oil prices are under pressure due to a shortage in worldwide output and an increase in export taxes/levies by exporting nations,” according to the statement.
India is one of the world’s major producers of oilseeds. This industry plays a major role in the agricultural economy, with an expected production of 37.14 million tons of nine planted oilseeds in 2021-22.
“A careful eye is kept on the pricing of edible oils on a daily basis so that suitable actions may be made to keep the prices under control…,” it stated.
The food secretary chairs the weekly Inter-Ministerial Committee meetings on agri-commodities, which closely monitor the pricing and availability of agricultural commodities, especially edible oil, while keeping the interests of farmers, industry, and consumers in mind.
On a weekly basis, the committee examines the price situation and considers suitable steps in regard to edible oils and other food goods based on domestic production, demand, local and international prices, and international trade volumes.
Under the Essential Commodities Act, both the central and state governments have formed special teams to combat stockpiling and profiteering.
“These surprise checks will continue to check unscrupulous elements,” according to the statement.