New Delhi, Sep 18 (PTI) Food Secretary Sanjeev Chopra on Wednesday said prices of essential commodities like sugar and edible oils are stable, and no spike is expected during the upcoming festival season.
Chopra assured consumers that the recent hike in basic customs duty on some edible oils, aimed at supporting domestic oilseed farmers, would not lead to significant price rise.
“We have been able to maintain prices at a reasonable level for consumers,” Chopra said at a press conference.
“The upcoming festival season is looking good. We are not anticipating any kind of spike in prices of essential commodities.” Effective September 14, the government raised the basic customs duty on crude soyabean oil, palm oil, and sunflower oil to 20 per cent from nil. The duty on refined variants was increased to 32.5 per cent from 12.5 per cent.
Chopra explained that 1.3 million tonne of edible oils imported at zero duty are still in stock. The industry has been directed to sell this inventory at current prices until exhausted.
“Even after this stock exhausts, the prices need not rise by 20 per cent with an increase in duty. International prices will come down slightly,” Chopra added.
The secretary highlighted that several policies adopted last year have helped keep essential commodity prices in check, citing it as an achievement of Prime Minister Narendra Modi’s third term in office. PTI LUX ANU ANU
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