(Bloomberg) -- India has imposed limits on inventories of edible oils and oilseeds to ease soaring prices in the world's biggest buyer of soybean, palm and sunflower oils.
The stock cap will be in place until March 31 next year and will be decided by the state governments, based on demand and available reserves, the Department of Food and Public Distribution said in a statement Sunday. Exporters and importers are exempt from the limits.
Global edible oil prices have rallied this year due to a supply crunch and rising biofuel use. India recently cut duties on overseas purchases to cushion consumers from high rates.
Read more: Global Vegetable Oil Prices May Ease in Next Six to 12 Months
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