Retailing, Franchising, and Consumerism Business Intelligence in China


Chinese Inflation Heats Cooking Oil Business As Jin Long Yu Increases Prices

Yihai Kerry, parent company of the Chinese edible oil maker Jin Long Yu, has confirmed that the company plans to formally increase the prices of some edible oil products by about 5%.

According to agents of Jin Long Yu, starting from August 2011, the price of a 5L package of Jin Long Yu edible oil will increase by 5.86% from CNY63.25 to CNY66.75 per barrel.

A representative from Yihai Kerry said that the company's soybean oil, vegetable oil, and cooking oil will all increase prices by 5%, and prices of other oil products will remain unchanged. The representative also revealed that the price increase has been approved by the National Development and Reform Commission of China.

In November 2010, the National Development and Reform Commission asked some food and oil groups, including Cofco, Yihai Kerry, Chinatex, and Jiusan Group, to maintain the stability of oil prices before the end of March 2011. In April 2011, oil enterprises again received advice from the commission, hoping to suspend the price increase until the end of June 2011. The ban on price increase of edible oils has now been released, according to a representative from the commission.

Jin Long Yu said that since November 2010, the costs of raw materials have been rising sharply; meanwhile, the costs of logistics and oil bottles also increased.




Be the first to comment on "Chinese Inflation Heats Cooking Oil Business As Jin Long Yu Increases Prices"

Leave a comment

Your email address will not be published.


*