Policy

The price will increase, but not critically: experts on the sunflower oil market

Rumors that the price of sunflower oil in Ukraine could allegedly jump to UAH 100 per liter have caused concern among consumers. However, experts reassure that such a sharp increase is not to be expected. According to Svitlana Lytvyn, head of the UCAB analytical department, only a slight rise in price is possible in the short term – by 5-7% of the current price.

She said this in a commentary to [Kommersant]

“Sunflower oil may rise in price by another 5-7% of today’s price, i.e., there are no plans to increase the price to UAH 100. Last year, Ukraine harvested 11.5 million tons of sunflower seeds and only 300 thousand tons were exported in the form of seeds, which is a very, very small part,” said Lytvyn.

According to her, the production of sunflower oil is a rather successful case for our country, when the raw materials grown in Ukraine are fully processed and the processed product with added value is exported.

“About five percent of this volume is consumed in Ukraine, the rest is exported. In any case, we will have enough to satisfy domestic demand and export,” the expert summarized.

Thus, no deficit is expected in the domestic market, and prices will remain relatively stable.

To recap, [Kommersant] previously wrote that Ukraine traditionally produces about 5 million tons of sunflower oil per year. At the same time, domestic consumption remains low: no more than 300 thousand tons.

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