NFM increases cooking oil prices

An increase in the price of Soyabeans on the world market has forced the National Flour Mills to adjust the prices on their bottled cooking oil. According to a release from the company,  this increase officially took effect on Monday, November 10.

In a telephone interview with Newsday yesterday afternoon, NFM CEO, Michael Potella revealed that the price of Soyabeans on the world market had shown a 55 percent increase within the past six months. This trend, he stated,  is expected to continue into the second quarter of 2004. He linked the price increase to the fact that the Soyabean crop in the United States had not met expectations, having been one of the lowest in the last few years. This, he stated, would have a profound impact on Soyabeans and all Soyabean related products. Potella revealed that there was no way the NFM could have absorbed this increase. In fact, he continued, prices could have been increased earlier. However, they were “cushioned” by the company, he noted.

The new prices of bottled oil will be as follows:
Lotus Soyabean Oil 24 by 0.5 litres will now cost $142.20 for between one to nine cases; Lotus Soyabean Oil 12 by 1 litre — $131.70 for between one to nine cases, Lotus Soyabean Oil 6 by 2 litre — $118 for one to nine cases;
Lotus Soyabean Oil 4 by 4 litre — $128 for one to nine cases and Lotus Soyabean Oil 17.5 litres $138.80 for one to nine cases.
Lotus Frying Oil 4 by 4 litres — $140.55 for between one to nine cases; Lotus Frying Oil 17.5 litres $143.52 for between one to nine cases; Lotus Frying Oil 18 Litres — $147.66 for between one to nine cases and National Pan Oil 17.5 litres — $183.85 for between one to nine cases. G&N Vegetable Oil 24 by 0.5 litres — $142.20 for between one to nine cases; G&N Vegetable Oil 12 by 1 litre — $131.70 for one to nine cases; G&N Vegetable Oil 6 by 2 litres — $118 for one to nine cases; G&N Vegetable Oil 4 by 4 litres — $128 for one to nine cases and G&N Vegetable Oil 17.5 litres — $138.80 for one to nine cases.