India extends stock limit on oilseeds, edible oils by six months

India has extended a stock limit on oilseeds and edible oils by six months to Dec. 31, 2022, in an attempt to check hoarding and arrest rising prices, the government said late Wednesday.

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.

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

The stock limit was earlier applicable until June 30.

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

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