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Irrational Rise in Vegetable Oil Prices Under Scrutiny

 Irrational Rise in Vegetable Oil Prices Under Scrutiny

rices of liquid vegetable oil in the fifth month of the current Iranian year (July 23-Aug. 22) registered an 89.7% rise compared with the corresponding period of last year, despite an increase in imports and the growing stockpile at customs warehouses.

The price of hydrogenated vegetable oil increased by 110% during the same period, ISNA reported.

Unprocessed vegetable oil imports stood at 679,000 tons worth $875.4 million in the first four months of the current fiscal year (March 21-July 22), registering a 205% and 407% growth in weight and value respectively year-on-year.

According to the Islamic Republic of Iran Custom Administration, until Sept. 6, about 670,000 tons of unprocessed vegetable oil were stored in customs warehouses and ports of entry.

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