National sunflower oil producer says it will not increase oil prices until September

The Balti oil producer SA Floarea Soarelui will not raise the price of vegetable oil at least until this September. The announcement was made by the company’s director Anatol Orlovski, Info-Prim Neo reports. According to the cited source, the company has 22,000 tonnes of sunflower in reserve at present. About 10,000 tonnes of oil will be made from this reserve. This quantity is enough to satisfy the demand on the domestic market until the raw material of the 2008 crop begins to be processed, Anatol Orlovski said. The company’s administration decided to temporarily restrict the export of vegetable oil and to supply additional quantities of oil on the home market. “There are no objective reasons for significantly raising the oil prices,” the director general of SA Floarea Soarelui said. The producer’s price for vegetable oil varies between 23.7 and 24.3 lei a liter, depending on the brand. The management of SA Floarea Soarelui intends to organize a meeting of the company’s distributors in the near future and insistently recommend them to offer the vegetable oil for sale not later than the second day after the factory supplies the oil. International organizations forecast that the global vegetable oil production in the new fiscal year will rise by 7 million tonnes. The information about the rise in production has already led to the reduction in the average stock market price from 1,930 dollars a tonne to 1,830 dollars a tonne.