Edible oil brands apply for price-hikes
Updated: 2011-07-21 15:40
By Ben Yue (chinadaily.com.cn)
Two of China's largest edible oil producers have applied for a price-hike after the price control policy expired in June, because of surging the raw material costs, the 21 Century Business Herald reported on Thursday.
Yihai Kerry's edible oil brand Arawana and COFCO's Fortune cooking oil reportedly applied to the National Development and Reform Commission (NDRC) to raise its prices by 5 percent, but the NDRC hasn't replied yet.
The NDRC, China's major economy planning body, began a two-month-long price control of edible oil in April to calm inflation.
The report cited a top management of the industry saying small edible oil producers, which produces 100 tons edible oil per day, has limited market space and some shut down before the price control policy expired.
Industry insiders told the reporter that the edible oil industry faces reshuffle this year and some small edible oil producers, which produces 100 tons or less edible oil per day may close down.
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