Madurai: The Tamil Nadu Chamber of Commerce and Industry has urged the Union Government to ban the export of edible oil, edible oil seeds and online trading of edible oil to contain the soaring prices of edible oil.
A delegation of the Chamber led by its President, S. Rethinavelu, accompanied by the Member of Parliament, Mohan, that met the Union Minister of State for Commerce, Jairam Ramesh, at New Delhi recently and submitted a detailed memorandum on steps to be taken to bring down the prices of edible oil, pointed out to the consistent upward trend in the international prices of crude edible oil, especially the crude sunflower oil in particular surging over 100 per cent on imported CIF value.
With domestic production per annum around 65 lakh tonnes only, the country is forced to import a sizable quantity of edible oil to meet the requirements that are mostly in crude form.
Exports
Against the backdrop of growing imports, situations have emerged in which speculative forces corner supplies in bulk and export the same.
• Quarterly results of corporates: Check out
Already, more than 25,000 tonnes of groundnut oil have been exported in the last three months. The continuous purchasing against export contracts fixed at high international rates acts as a catalyst for further price increases even during the peak harvesting season.
“It is strange and ironical that while we are facing an acute shortage of edible oil on the one hand, exports are undertaken silently on the other hand without any let up or control.”
A delegation of the Chamber led by its President, S. Rethinavelu, accompanied by the Member of Parliament, Mohan, that met the Union Minister of State for Commerce, Jairam Ramesh, at New Delhi recently and submitted a detailed memorandum on steps to be taken to bring down the prices of edible oil, pointed out to the consistent upward trend in the international prices of crude edible oil, especially the crude sunflower oil in particular surging over 100 per cent on imported CIF value.
With domestic production per annum around 65 lakh tonnes only, the country is forced to import a sizable quantity of edible oil to meet the requirements that are mostly in crude form.
Exports
Against the backdrop of growing imports, situations have emerged in which speculative forces corner supplies in bulk and export the same.
• Quarterly results of corporates: Check out
Already, more than 25,000 tonnes of groundnut oil have been exported in the last three months. The continuous purchasing against export contracts fixed at high international rates acts as a catalyst for further price increases even during the peak harvesting season.
“It is strange and ironical that while we are facing an acute shortage of edible oil on the one hand, exports are undertaken silently on the other hand without any let up or control.”
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