Senate comments on soaring vegetable oil prices

During the next plenary session, senators noted that price estimates for sunflower seeds and cooking oil in foreign markets have an impact on pricing policy in the domestic market of the country.

“This is also evident from the fact that about half of the average annual demand for vegetable oil in the consumer market of our country (about 460,000 tons) is covered by imports. The UN Food and Agriculture Organization also notes that in March 2021, average prices for vegetable oil in the world rose by 86% compared to the corresponding period last year, and by 21% compared to the beginning of this year,” the Senate said.

In addition, 70% of sunflower oil is imported to Uzbekistan from the Russian Federation. If the cost of one ton of sunflower oil in Russia in December 2020 was approximately $900, then in March 2021 it rose to $1,250 or by 39%.

As a result of the above changes, last year the price of sunflower oil in the country rose by an average of 38%.

Also, from September 1, Russia plans to introduce customs duties on the export of sunflower oil for a period of one year.

Earlier it was reported that senators approved the law exempting the import and sale of cooking oil from VAT.