What Are Solutions to Cooking Oil Price Overheating?

8:58:57 AM | 12/30/2021

Shopping demand is stronger than ever toward the end of the year, as it is believed that Tet must be full and decent, resulting in price hikes of many commodities, including cooking oil. Both consumers and businesses expressed concern when prices of essential goods and raw materials are on the rise amid hardships caused by the epidemic.


 Ranee sale promotion program

Dilemma

In Asia, the price of cooking oil climbed to a record high amid concerns about tight global supply. In China, prices of soybean oil and palm oil rose to all-time highs of CNY11,119 per ton. The price hike was attributed to soaring raw soybean prices and shrinking bean harvests, said analyst Kong Lingqi at Haitong Futures. "The United States Department of Agriculture (USDA) said upcoming inventories will decrease from the previous year.” Vietnam is no exception. Cooking oil has also become one of most volatile commodities since the Lunar New Year 2021.

Recently, a business in Ho Chi Minh City said that all commodities have increased in prices and cooking oil has advanced most, about 30% from the same period in 2020 and is expected to go up more." According to a survey conducted by Zing in November 2021, the selling price of a 1-liter bottle of cooking oil was quoted by Neptune at VND52,000-66,000; Simply at VND56,000-67,000; Tuong An at VND47,000-53,000 and the upward trend may last till the end of the year. Repeated price hike shocks are, and will, place great pressure on consumer spending, especially when production and business are being restored after prolonged social distancing.

Adjusting selling prices or cutting promotions as a result of this pressure is very difficult because contracts usually have predetermined prices. For that reason, choosing suppliers again is essential to maintain operations. AFO Company, a member of Sao Mai Group, is an ideal suggestion if businesses are looking for partners to supply large quantities of well-priced cooking oil, shortening and margarine.

Ranee to keep price stable

"Ranee premium fish cooking oil is available on the Mega Market supermarket with a very affordable price of only VND48,000 for a 950-ml bottle, being sought and trusted by housewives. The Ranee lineup gathers key ‘warriors’ in the fish cooking oil collection that is good for human health. Diverse capacity models, ranging from 950ml to 5 liters for different needs on e-commerce platforms such as Shopee, Lazada, Sendo and Tiki are being marketed with instant gifts of wooden spoons, infrared stoves, Ranee aprons, non-stick pans and helmets.


Ranee is frequently used by many chefs because of its excellent quality

Made by the most modern European refining technology in Vietnam, Ranee's premium product line stands out with pure oil quality, good for health, particularly the cardiovascular system. The optimized technology eliminates fishy smell while retaining all nutritional components such as Omega 3, 6, 9 fatty acids, EPA, DHA and vitamins A and E and minerals. Fish cooking oil has outstanding features such as natural bright yellow color, no discoloration when used multiple times, and high burning temperature. Thus, it does not produce toxic substances.


“Golden Margarine Premium Butter” for more delicious dishes

In addition to liquid oil, EU standard production line and "dual technology" produce stearin used to make shortening and margarine. The "Golden Margarine Premium Butter" line contains Omega 3, 6, 9 and vitamins A and E to support immunity and prevent chronic diseases, especially being free from Trans Fat.

A representative of AFO Company said, "In the coming time, the company is committed to increasing supply and stabilizing selling prices to meet domestic and export market demand at extremely affordable prices for everyone."

In the coming Lunar New Year, Ranee is the best choice of ingredient for health. Stabilized pricing will help cooks spend less on the ingredient and make the most delicious meals.

By Vietnam Business Forum