Economy

Russian ministry talks on possible shortage of sunflower oil

13:30, 20 October 2020 34
Photo: Sergey Bulkin/NEWS.ru

The Russian Ministry of Agriculture doesn’t expect a shortage of sunflower oil in the country’s markets and is working to identify the facts of an unjustified increase in the cost of this product, TASS reports. 


According to the ministry, in 2020, the Russian Federation’s self-sufficiency level with vegetable oil will be 176.3 percent.

The Ministry of Agriculture is working to maintain a stable price situation in the food market. Facts of unjustified overpricing are promptly identified and worked out together with the FAS (Federal Antimonopoly Service) and the General Prosecutor’s Office, the Ministry of Agriculture said.

Crude sunflower oil prices rose sharply in Russia. On average, raw materials rose in price by 6.6 percent and began to cost a record 74,175 rubles ($952.9) per ton. Experts believe that the main reason for the sharp rise in prices was the jump in export prices for the goods. Besides, sunflower oil export prices increased rapidly. Over the past week, they grew by $35.

NEWS.ru earlier reported that a poor sugar beet harvest and logistics problems in Russia led to a sharp rise in sugar prices.