Consumption Expenditure News
- Price of peanut oil surges 17%
Date: 8-Nov-2007 Sources: (Shenzhen Daily)
THE price of peanut oil reached 10,000 yuan (US$1,342.28) per ton, or 10 yuan per kilogram in Shenzhen on Tuesday, hitting a record high, according to a Daily Sunshine report yesterday.
Due to a continuous rise in the prices of raw materials worldwide, prices of soybean, peanut and rapeseed oil, have climbed 10 percent on average in Shenzhen since early October.
The country's major edible oil manufacturers and traders were urged again Tuesday by the Central Government to exercise self-discipline and to be reasonable in price-setting in the wake of rising market prices for the product.
In a harshly-worded statement, the National Development and Reform Commission, the nation's top economic planning agency which oversees price affairs and other economic and social matters, said edible oil producers and traders would face punishment, including fines of up to 300,000 yuan (US$40,000), and have their business licenses revoked for violation of price laws and regulations.
Major edible oil maker executives and guild leaders were summoned to Beijing on Monday by the commission for a closed door meeting where the government asked them to step up production to rein in the soaring market prices, the commission said in a statement made public late Monday.
Rough statistics from various regions revealed the prices of domestic edible oils rose 20 percent from November last year to June as prices for peanuts and other oil-bearing crops rose.
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