New Delhi, May 1 (KNN) The government has eased restrictions on export of edible oil in branded consumer packs by reducing the minimum export price (MEP) from USD 1,400 per tonne to USD 1,100 per tonne.

"MEP on export of edible oils in branded consumer packs of up to 5 kg has been reduced to USD 1,100 per tonne. Earlier it was USD 1,400 per tonne," Directorate General of Foreign Trade (DGFT) said in a notification. 

The MEP is changed now and then, especially of items which are of common interest, depending on the availability in the domestic market.

As and when a shortage is witnessed in the domestic market, the MEP is raised. Reverse happens when the situation eases.

In order to ensure domestic supply and contain price rise, India banned export of unbranded edible oils in 2008 and extended it year after the year. India imports about 9 million tonnes of edible oils. (KNN Bureau)