Sunflower Oil Prices Decline in Turkey After the Elimination of the Import Tax

The global sunflower oil shortage due to the Russia-Ukraine war also affected the supply in Turkey. The cessation of Russian exports at the start of the war caused an increase in prices in Turkey which eventually doubled. The price of 5 liters of sunflower oil exceeded USD 11 on average in the markets in November, 2022. The Turkish government took action to address this issue and removed the import tax of USD 250/MT on raw sunflower oil imports. As a result, sunflower oil prices in the markets declined to USD 8 on average per 5 liter bottle as of January, 2023.