If you love cooking up a storm at home, the rise in prices of essential ingredients would not have gone by unnoticed.
One of those being cooking oil.
But today, we bring some good news to the chefs at home.
Discount on Cooking Oil
For a whole week from Wednesday (25 May) to 1 June, FairPrice will offer a 10 per cent discount on four popular cooking oil products.
The four cooking oil products are:
- Knife Brand cooking oil (2 litres) at $7.20, down from $8.05
- Rice Field 100% rice bran cooking oil (2 litres) at $8.30, down from $9.25
- Duck Brand vegetable cooking oil (2 litres) $6.00, down from $6.70
- Cock Brand pure groundnut oil (2 litres) $13.15, down from $14.65
Unfortunately, if you are planning to stock up while the discount lasts, you will not be able to do so.
FairPrice has stipulated that each customer may purchase up to two bottles, regardless of brand, during the promotional period to allow as many households as possible to benefit from this initiative.
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The offer will be available across all FairPrice supermarket retail formats, including FairPrice Online.
Combat Rise in Oil Prices
This initiative serves to address concerns over increased edible oil prices due the COVID-19 pandemic and the war in Ukraine.
Since the beginning of the year, edible oil prices have increased between 3 per cent and 25 per cent, depending on the brand, pack size, type of oil and country of origin.
The pandemic caused food prices to rise around the world and the situation was exacerbated by Russia’s invasion of Ukraine in February, which pushed up prices in the commodity markets.
Russia and Ukraine are major global exporters of grains and edible oils, supplying almost 75 per cent of the world’s sunflower oil. Following the war, prices of edible oils rose.
Palm oil prices have more than doubled since the middle of June last year.
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Market to Remain Volatile
The protracted pandemic and the war in Ukraine have also disrupted the global economy and supply chains on an unprecedented scale, said FairPrice.
“This has resulted in significant increases in the cost of freight, wages, energy, raw materials and manpower for the production of edible oil products,” it said.
Despite the recent lifting of the export ban on palm oil from Indonesia, the world’s largest exporter of palm oil, market conditions continue to remain volatile due to the ongoing pandemic and the war.
Ensure Daily Essentials Remain Affordable
The week-long special discount at FairPrice is to ensure daily essentials remain affordable amid volatile market conditions.
FairPrice maintained that it would strive to hold prices for as long as it can and reduce them further where possible. Keeping prices indeed, fair.
The supermarket chain said it carries edible oil products from a diverse range of sources, including Malaysia, Thailand, Italy, Spain and within Singapore.
It is due to this policy of source diversification that edible oil, a daily essential for households, remains readily available, FairPrice added.
So run, don’t walk to your nearest FairPrice and definitely bring enough hands to carry those bottles.
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