Turkey: those who went to the market were shocked! The price increase does not stop, it has passed 60 percent

Published 2020년 12월 31일

Tridge summary

Despite tariff cuts, sunflower and crude oil prices continue to rise, with sunflower seeds increasing by 52% to $ 655 per ton and crude oil by 32% to $ 1200 per ton. The price of sunflower oil on the shelves has risen by 60%, and sector representatives predict a further 20% increase due to the end of the harvest season and ineffective customs duties. The situation is expected to lead to price increases, with the dollar's decline potentially decreasing prices, and a proposal to reduce customs duties on alternative oil products. There is also interest in establishing a line from Kazakhstan to Turkey to create an alternative market to Russia.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Sunflower and crude oil prices continue to rise despite the tariff cuts. Sunflower seeds, which were $ 430 a ton in September, rose by 52 percent to $ 655 by the end of December. Crude oil price increased by 32 percent from 890 dollars to 1200 dollars per ton. With two separate decisions made on November 5 and 25 to balance domestic prices, the customs duty on sunflower seeds for oil was zeroed, and the customs duty on crude sunflower oil was reduced from 36 percent to 3 percent until 1 July 2021. Despite the customs duties, increasing raw material prices caused the sunflower oil on the shelves to increase by 60 percent. Indicating that the harvest season has just ended, sector representatives state that there is an 8-month period for the new harvest and the prices are likely to increase by another 20 percent. In addition, the sector representatives, stating that the applied customs duties are not effective in lowering the prices because they are not brought on time, draw ...

Source: Haber7