FCI Offers 11.72 Lakh Tonne Wheat In Third E-Auction After Centre Cuts Reserve Price To Rs 2,150 Per Quintal

Around 11.72 lakh metric tonne (LMT) of wheat will be offered by Food Corporation of India in the third e-auction of the foodgrain from its 620 depots across the country on 22 February, the Union Food Ministry said on Saturday (18 February).

This comes after the the government on Friday (17 February) further cut the reserved prices of wheat being sold by Food Corporation of India (FCI) through Open Market Sales Scheme.

Union Food Ministry on Friday reduced the reserve price of FCI wheat to Rs 2,150 per quintal under the Open Market Sale Scheme (OMSS) in a bid to check inflation.

This decision has been taken to ensure that wheat is offered at a lower uniform reserve price across the country to further bring down the price of wheat and flour, the Food Ministry said in a statement.

"These new reserve prices are applicable from the third sale of wheat through e-auction, which will be held throughout the country on Wednesday," the ministry said.

To address the rising price of wheat and flour in the country, as per the recommendation made by the Group of Ministers, Food Corporation of India is releasing 30 LMT of wheat stock from the central pool stock to the market through various routes under the Open Market Sale Scheme (Domestic).

During first and second e–auction, a total quantity of 12.98 LMT wheat has been sold out of which 8.96 LMT has already been lifted by the bidders which has resulted in cooling down of prices of wheat and flour, the ministry said.