The price of the sunflower eating oil plummeting

Consequently, adequate measures will be proposed by the Ministry, regarding the increase in the price of sunflower oil, with some forecasts plummeting up to 200 dinars per liter.

Should there be a speculative increase in prices with no economic justification, one of the ways to lower prices is a temporary suspension of customs duties on sunflower oil imports, in order to boost competition, State Secretary of the Ministry of Trade, Tourism and Telecommunications Uros Kandic told Tanjug.
The oil industry is a strategic branch of agriculture and because of that, the customs duties on the import of sunflower oil from the EU to Serbia is quite high, going up to 30 percent.
So far, an economic logic for the correction of oil prices exists, since the key input parameters, i.e., raw materials have drastically increased in price.
Kandic explained that the rise in sunflower oil prices, which continued this year as a result of events on the international stock market, are directly reflected in Serbia, due to the weaker sunflower yield of the world's largest producers, primarily Russia and Ukraine, and on the other hand, increased demand for edible oil internationally, due to the pandemic.
"The price of crude sunflower oil in the Black Sea region is currently around 1,525 dollars per ton, which is an increase of 16 percent compared to February this year, and more than twice the increase compared to the same period last year when the price of crude sunflower oil was $ 665 per ton," said Kandic.
In addition, as Kandic said when we talk about the price of sunflower, it is currently traded in Serbia for the upcoming 2021 harvest at a price of 48 dinars per kilogram without VAT, while for comparison purposes, at the end of the last year's...