Irrational Rise in Vegetable Oil Prices Under Scrutiny

Prices of liquid vegetable oil in the fifth month of the current Iranian year (July 23-Aug. 22) registered an 89.7% rise compared with the corresponding period of last year, despite an increase in imports and the growing stockpile at customs warehouses.
The price of hydrogenated vegetable oil increased by 110% during the same period, ISNA reported.
Unprocessed vegetable oil imports stood at 679,000 tons worth $875.4 million in the first four months of the current fiscal year (March 21-July 22), registering a 205% and 407% growth in weight and value respectively year-on-year.
According to the Islamic Republic of Iran Custom Administration, until Sept. 6, about 670,000 tons of unprocessed vegetable oil were stored in customs warehouses and ports of entry.