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Sunflower oil has fallen in price in Russia

Sunflower oil has fallen in price in Russia
Photo: pixabay.com

Prices for sunflower oil began to decline in Russia. A record sunflower harvest is expected this year.

As the RBC, the analytical center "Sovekon" has raised the forecast for the harvest of oilseeds. The collection volume will exceed the last year's indicators by more than two million tons, reaching 15,9 million tons. At the end of May, the cost of sunflower was about 53 thousand rubles per ton, and by the end of June - already about 41 thousand rubles. At the end of June, the producers of crude sunflower oil cost 100 thousand rubles per ton, a month ago - 118 thousand rubles.

The decrease in domestic prices for vegetable oil was also influenced by the introduction of an export duty on July 1. According to Rosstat, the price of sunflower oil in retail has not yet fallen in price this year. In the first half of last year, butter in stores cost 92,5 rubles. for one liter, then for the same period of the current - 117,7 rubles per liter.

In December 2020, the Ministry of Agriculture and the Ministry of Industry and Trade concluded agreements with manufacturers and retail chains, according to which one liter of sunflower oil in wholesale should cost no more than 95 rubles, in retail - no more than 110 rubles. The Ministry of Industry and Trade explains the excess of these indicators by the fact that not all stores have joined the agreement, and the average cost is taken into account. 

In April, producers of granulated sugar and sunflower oil were allocated nine billion rubles on subsidies. Companies participating in price stabilization agreements will receive partial compensation of costs.

At the end of March, the Russian government extended agreements with market participants on price stabilization. For sand-sugar, they will be valid until June 1, 2021, for sunflower oil - until October 1, 2021. The previously concluded agreements expired on April 1.

    

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