ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Aimless Drift

 ces which were due for (upward) revision on May 22. But that hardly means any relief to the poor consumer. Few are able to get their supplies at the controlled price. A tin of 16,5 kgs is quoted at a premium of Rs 11 to lis 13 over the controlled price. The premium should cause no surprise. One does not expect vanaspati to sell below the prevailing price of groundnut oil, the increased availability of cheaper soyabean oil to manufacturers notwithstanding. Industry too does not seem much bothered by Government's decision. It is not just that it knows how to exploit the market situation but because it is fully convinced that Government is committed to clearing all arrears of price increases due to it. On the basis of the current consumption of soyabean oil, ranging from 21.7 per cent in the south zone to 33 per cent in the north zone, there will be very little soyabean oil left with the State Trading Corporation after a few months, unless, of course, Government makes prompt arrangements for additional supplies under PL 480 or on a commercial basis. Only prompt imports of large quantities of soyabean oil and mutton tallow and drastic curbs on speculative activity can arrest the runaway boom in oilseeds prices.

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