Edible oil brands to increase product prices
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Jinlongyu edible oil sat on the shelf in a supermarket in China. [Xinhua] |
The Latest statistics from the General Administration of Customs of China shows the price of importing soybeans has been on the rise for the third consecutive month, which has led to an overall price increase in edible oil products made by several big edible oil brands, with the highest increase being 10%.
A manager from the brand "Changshouhua" said, "The price adjustment has been announced nationwide, and the merchandise stores and supermarkets will also adjust their oil prices in the next few days."
He added, "For example, the edible oil in 5L, the new price will be 70 to 80 yuan (12 US dollars) each, with the increase of 6 to 10 yuan (1.5 US dollars), and price adjustment of other brands like "Luhua" and "Jinlongyu" are also underway."
An edible oil enterprise shows that such a chain reaction in price increases will put more pressure on the production enterprises.
