Rising edible oil prices: Government to hold crucial meeting to review prices this week

The government is keeping an eye on the rising prices of edible oil and will be holding a review meeting with all stakeholders concerned this week, sources told Zee Business correspondent Ambarish Pandey. 

Officials from the DFPD, Consumer Affairs, and Commerce Ministries will also attend this meeting, according to the source. Producers of edible oils, importers, and fast-moving consumer goods companies may also be included.

According to the source, the government will also meet with the Trade Ministers of Indonesia and Malaysia this week. 

It is said that the government does not expect an immediate price hike in oil and talks for supplies are underway with many producing countries. Additional imports from Russia and Argentina have already been placed. Aside from that, a range of topics will be discussed in the meeting including PDS supply, duty reduction, and subsidy increase.

Earlier on Friday, the Joint Secretary, Impex (DFPD) had issued instructions regarding oil prices. This conference included Nafed, Hafed, Kendriya Bhandar, Mother Dairy, NDDB, and Markfed. All government shops were instructed to sell oil in order to keep the price under control. It was also requested to increase the number of shops.