India imposes stock limit on oilseeds, edible oils

MUMBAI: India has imposed limits on oilseeds and edible oils stocks that traders and processors can hold in an attempt to check hoarding and arrest rising prices, the government said in a statement.

For edible oils, the limit would be three tonnes for retailers and 50 tonnes for wholesaler and it would be applicable until June 30, it said. Oilseed processors could hold stocks up to 90 days of their daily production capacity.

India is the world’s biggest importer of edible oils and prices of cooking oils have risen sharply because of a rally in global prices.

While India buys palm oil from Indonesia and Malaysia, it mainly imports soyoil from Argentina and Brazil and sunflower oil from Russia and Ukraine.