April 10, 2012

China's Jinlongyu cooking oil begins prices hike

Jinlongyu cooking oil brand under the flag of Yihai Kerry Group, China's top edible oil maker, started to increase its retail price of small-packaged rapeseed oil by almost 10% from Friday (Apr 6), Chongqing Morning News reported.

Jinlongyu has not yet lifted prices for its soyoil products because the bulk soyoil prices haven't exceeded cost prices.

Industry insiders say that the round of price rise is mainly boosted by persistent rally on international oilseeds and oils markets. Besides, price hikes of gasoline and diesel have also increased production cost of edible oil.

Meanwhile, seasonal supply shortfall is another reason for the price rise of rapeseed oil. Some analysts predict that the domestic cooking oil prices will follow an upward trend till May when supply is expected to be eased.