Increase in sunflower oil prices will be no more than 10%

No signaficant increase in the price of sunflower oil is to be expected. If there is a price increase, it will be in the range of 5% to 10%, the Chairman of the State Commission for Commodity Exchanges, Vladimir Ivanov, explained on September 30.

The forecasts for an increase in the price of sunflower oil, due to poor harvest in the country in the coming months, will not be justified. The European market will compensate for possible shortages in the country and even if there is a price rise, it will not be by more than 10%, experts said.

There will be no significant increase in the price of sunflower oil, as warned by sunflower producers and processors. The European and world markets are balanced and prices have remained unchanged for more than half a year.

"When domestic production is less, it is not good. The market does not tolerate vacuum. Naturally, we will compensate the high domestic price with the import price," said Vladimir Ivanov, chairman of the State Commission for Commodity Exchanges and Auctions.

Ivanoye categorically denied a situation like that of two years ago, when the price of oil jumped by 100%.

"If there is any rise, it will be by small percentages, it will be smooth and in no case will we see the situation of 2021-2022. The increase will probably be between 5% and 10%. A very strong probabilistic factor is how it will match supply and demand, but in any case we will not see extreme crises," he said.

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