The Nepal Vegetable Ghee Oil Producers Association has claimed that the price increase of refined edible oil is not due to the arbitrariness of the domestic industry but due to price fluctuations in the international market.
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The Nepal Botanical Ghee Oil Producers Association has stated that since raw materials have to be imported from the international market, the price of edible oil in Nepal will also be determined according to the trading trends of that market.
The association issued a press release saying that it has drawn attention to the news in various media outlets regarding the increase in the price of edible oil in recent days. The association has claimed that the increase in the price of refined edible oil is not due to the arbitrariness of the domestic industry but due to price fluctuations in the international market.
According to the association, Nepal's wholesale traders have been directly monitoring international prices since the daily price fluctuations in the international market can be viewed transparently through digital means.
The association has stated that price fluctuations in the international market are beyond anyone's control and are even difficult to predict. The association claims that the cost of crude edible oil has increased due to the recent increase in the price of crude oil in the international market and the continuous increase in the value of the US dollar. Due to this, domestic industries have had to make necessary adjustments to the price of edible oil and distribute it.
The association has denied the accusation that its member industries have increased the price by creating artificial shortages and clarified that the current price increase is a direct effect of the daily price increases in the international market.
The association has expressed its commitment to adjust the price and distribute the products as much as possible in coordination with the Department of Commerce, Supplies and Consumer Protection, keeping in mind the sensitivity of the price hike in the international market, as it coincidentally coincides with the elections.
According to the association, currently 27 refined edible oil producing industries affiliated with the association are producing soybean oil, sunflower oil and other edible oils regularly and supplying them to the domestic market and export.
The association has stated that the main raw materials required by those industries - crude soybean oil from Argentina and Brazil, crude sunflower oil from Argentina and Ukraine, and crude palm oil from Indonesia, Malaysia and other countries - are forced to be imported.
