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Sep 6, 2021
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Sunflower oil will rise in price, but will not disappear

Sunflower oil will rise in price, but will not disappear

Experts note that the production of sunflower oil has sharply decreased in Russia. Does this mean that there will be a deficit or rise in price of this popular product in the country?

Experts note that the production of sunflower oil has sharply decreased in Russia. Does this mean that there will be a deficit or rise in price of this popular product in the country?

According to Rosstat, the decline in sunflower oil production occurred in the first half of 2021. In January-June, 1.1 million tons of the product was produced in Russia, which is 17% less than in the same period a year earlier. So far, these are just dry numbers and the inhabitants of the country have not noticed serious changes in their diet. But who said that this will not happen in the future?

Oil will become more expensive in the near future – among experts, this is already a settled issue. In 2020, it was almost a disaster – the price of this product jumped to unimaginable levels and increased by almost 24%. The reason was the sharp jump in the cost of seeds on the world market. When it became clear that banal butter would soon be sold worth its weight in gold, an agreement was concluded to approve fixing prices between the Ministry of Industry and Trade, the Ministry of Agriculture, suppliers and retailers. It was assumed that the wholesale price of oil should not exceed 95 rubles per liter, retail – 110 rubles. For this reason alone, Russians hardly noticed the crisis. But the agreement was signed only before October 1, 2021, and, apparently, they are not going to renew it. At least, this was stated by the head of the Ministry of Economic Development Maxim Reshetnikov. And this means that the cost of the coveted bottle with a very necessary product will again creep up.

However, in all the past time it also did not stand still, but the rise in price was not very noticeable. Statistics say that only in January, the price tags in stores did not change in any way. The rest of the time, the cost of the oil increased. If six months ago a liter could be bought for 60-70 rubles, now its price has jumped to 90-100 rubles. And if in the segment of the popular refined oil the increase is not so critical, the cost of more expensive oils, for example olive oil, increased by 20-30%. And it hurts the buyer’s wallet.

What happens after the freeze is canceled? Oil will rise in price again, but experts expect that the market will not allow making it an inaccessible product. “There is consumer demand and income, which act as natural limiters of price increases,” says expert Natalya Milchakova. – This means that there are always limits to the increase in the cost of socially significant goods. If the price of sunflower oil is comparable to olive oil, then buyers who can afford it will replace sunflower oil with imported olive oil and will benefit in quality. And the domestic manufacturer will be in flight. “

But at the same time, it is quite clear that producers who have suffered from the restrictive measures introduced by the authorities in October will inevitably raise their selling prices, and after that retail chains will simply have no options but to change the numbers on the price tags. They will increase with the sale of all those products in the manufacture of which oil is actively used, for example, in confectionery. How much it will hit the buyers, experts do not undertake to guess yet.

Natalia Purtova.

Photo: ADOBESTOCK

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