Georgia expects decline in prices for vegetable oil

4 September 2021 18:29 (UTC+04:00)

By Trend

In two weeks, prices for vegetable oil will begin to decline in Georgia, Trend reports referring to the Georgian media.

According to the data, this was possible as a result of a sharp decline in international prices for this product.

In particular, the cost fell in Ukraine, which is the main supplier of vegetable oil to Georgia.

According to importers, the product on the local market will become cheaper in September. In general, it is expected to decline by 20 percent - in case there is no additional devaluation of the national currency.

"During the pandemic, production decreased, and accordingly, all types of vegetable oils rose in price. This will also be facilitated by the devaluation of the national currency and an increase in the cost of transportation. Now everyone is waiting for a new harvest, which is expected to be large, and even now vegetable oils have begun to fall in price - now the decline in prices has already reached 10 percent, in September the figure will reach 20 percent. Apart from the lari exchange rate, which should maintain stability, no other negative factors are expected," said representatives of one of the importing companies.

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