Shankar Thakkar, president of All India Edible Oil Traders Federation, says, "More than 65 percent of the consumption of edible oil in India has to be imported. Whereas at this time, the price of oil in foreign countries itself has increased. Because the crops are already spoiled there due to bad weather.
Bad weather in Latin America has significantly affected soybean production. Palm oil production has not increased in Indonesia. At the same time, its supply has also been affected due to the approval to add palm oil up to 30 percent as auto fuel in Malaysia. The strike in Argentina also had a major impact on the supply of soft oils. "
this step can reduce inflation by May-June
All India Edible Oil Traders Federation's General Secretary Tarun Jain says, "We have demanded from the Central Government that GST should be removed from the oils to reduce inflation on edible oils." At the same time, we are also demanding from the government that the tariff rate be reduced for a few months, so that the import duty becomes effective. There is also a huge demand that the government plan to subsidize the sale of edible oil through the public distribution system, as prices are expected to remain stable till April-May. ”