Russian sunflower oil fell 7% in December
2021-01-01 12:10

Russian sunflower oil fell 7% in December

Domestic sunflower oil fell in price by 7% in December, according to SovEkon analytical center.

Thus, last week the price of the product dropped by 1.3 thousand rubles to 83.5 thousand rubles compared to November.

Sunflower also went down in price - producers of sunflower reduced their prices (without VAT, EXW European part of Russia) by 17% to Br33.3 thousand. At the same time, there was a record rise in the cost of both oil and sunflower in October.

SovEkon experts attributed the price drop to businessmen's concerns over the authorities' plans to introduce a 15% duty on oil. The decision was taken in order to fight the growth of food prices. As the experts of the analytical center noted, the cost of oil was even lower than it would have been had the duty been imposed.

Now sunflower producers are ready to sign contracts with processors for the current prices; however, the latter are refusing to purchase sunflower oil expecting even lower prices. SovEconom believes that if the duty is not imposed in 2021, prices for oil and raw materials will level off.

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Author: Ksenia Gustova