As Prices Soar, Govt Sets Up Panel To Monitor Essential Items, Conduct Surprise Checks

New Delhi: With food prices soaring, the Central government has set up an inter-ministerial committee to monitor and control the situation.

The committee will keep an eye on domestic prices, shipments and availability of agri commodities, especially edible oil, Hindustan Times reported quoting an official.

The government has also constituted special teams to crack down on hoarding and profiteering under Essential Commodities Act through surprise checks on edible oil processors and traders.

Headed by Union Food secretary Sudhanshu Pandey, the committee reviewed edible oils situation and met representatives of major oil processing associations.

“The Centre is keeping a close watch on prices of edible oils so that appropriate measures can be taken to keep a check on the prices,” a statement by the Ministry of Consumer Affairs, Food and Public Distribution said on Sunday.

According to the ministry, India’s current stock of edible oil is estimated to be 2.1 million tonnes approximately, which is sufficient for May.

Another 1.5 million tonne of imported edible oil is in transit, and will arrive in batches during the course of the month, data showed.

Nearly two-thirds of India’s cooking oil requirement is imported. Thanks to a sudden decision by Indonesia — world’s largest palm oil exporter — to ban palm oil exports, edible oil prices have spiralled.

Supplies, which were already affected by shortages after Russia’s invasion of Ukraine, have been hit further.