The Oil and Fat Union of the Russian Federation warned about the rise in prices for sunflower oil

Due to the weakening of the ruble in Russia, sunflower oil may rise in price. Mikhail Maltsev, executive director of the Oil and Fat Union of Russia, announced this to aif.ru.

“Pricing on the Russian domestic market depends on export prices, the ruble exchange rate and duties. The price formula for Russian oil producers is the export price of sunflower seeds multiplied by the dollar, minus the duty,” Maltsev said.

“The purchase price from agricultural producers is the same, regardless of whether the sunflower is then exported or processed within the country. If the export price rises or falls, then sunflower oil becomes more expensive or cheaper, respectively. The same thing happens if the exchange rate of the ruble changes,” he explained.

At the same time, it is not the enterprises that process seeds into oil, but the producers of raw materials that benefit from the weakening of the ruble, Maltsev noted. “Our margin is at the level of several percent,” he said.

Recall that in order to protect the domestic market, the government of the Russian Federation has set an export duty on the export of sunflower seeds at 50% of their price, but not less than $320 per ton. There are also "floating" duties on the export of sunflower oil and sunflower meal, which is used as a feed resource in the livestock industry.

Earlier it became known about the increase in prices for olive oil by 40%-50% due to crop failure in the main supplier countries of this product, as well as the depreciation of the ruble.

It was also reported that Türkiye suspended the export of olive oil until November 1.