New Delhi, Jan 7 (PTI) The government is keeping a close watch on prices of edible oils that are rising without any fundamental reasons and will take action against the hoarders, Consumer Affairs Minister Ram Vilas Paswan said on Tuesday.

As per the government data, maximum retail price of soya oil has increased by Rs 11 per kg to Rs 131/kg in last one week, while sunflower oil price shot up by Rs Rs 20 per kg to Rs 170. Palm oil surged by Rs 6/kg to Rs 118 per kg in the said period.

‘We are seeing a price rise trend in some edible oils. There is no fundamental reason for increase in rates except for hoarding,’ Paswan told reporters.

He said the government is ‘cautious’ and will take action against hoarding of edible oils.

Paswan said that much of the edible oils is imported as domestic production is only about 40 per cent.

India imported 155.5 lakh tonne of vegetable oils in 2018-19 marketing year ended October, up by 3.5 per cent from 150.26 lakh tonnes in the previous year, according to the industry data. PTI LUX BAL BAL

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