Ahmedabad: Gujarat State Edible Oils and Oil Seeds Association (GSEOOSA) has suggested that the central government should not reduce the import duty on edible oils as measure to cool their prices in the domestic market. The association represents about 300 edible oil producers in the state.
“As suggested by all major traders and industry associations, the import duty on edible oils should not be reduced as such step will benefit overseas farmers at the expense of our local farmers,” said Sameer Shah, president, GSEOOSA, in a letter to the Union food and consumer affair ministry suggesting measures to soften high prices of edible oils.’The trade body also suggested banning futures trade in all edible oils and oilseeds as it is dominated by speculators. According to Shah, the volumes in such futures trades are very high but physical deliveries are negligible. TNN