SINGAPORE, 25 May 2022 – NTUC FairPrice (FairPrice) announced that it will be providing a special 10 percent discount on four popular cooking oil products to address concerns on elevated edible oil prices. This will be made available across all FairPrice supermarket retail formats*, including FairPrice Online, from 25 May to 1 June. Each customer may purchase up to 2 bottles (regardless of brand) during the promotional period to allow as many households as possible to benefit from this initiative. The four cooking oil products are:
The protracted pandemic and ongoing war in Ukraine have disrupted the global economy and supply chains on an unprecedented scale. This has resulted in significant increases in the cost of freight, wages, energy, raw materials and manpower for the production of edible oil products. While the recent lifting of the export ban on palm oil from Indonesia, the world’s largest exporter of palm oil, is expected to provide some respite, market conditions continue to remain volatile due to the ongoing pandemic and the war
Prices of edible oils have increased 3 to 25 percent** – depending on brand, pack size, type of oil and country of origin – since the beginning of the year.
Mr Tng Ah Yiam, Chief Procurement Officer, FairPrice Group said, “Edible oil prices have been on the rise and market conditions remain volatile. To provide assurance and bring some sense of normalcy back amidst the current uncertain economic situation, FairPrice is committed to ensuring daily essentials remain available and affordable. We strive to hold prices for as long as we can, and in this case, reduce it further where possible.”
FairPrice carries edible oil from a diverse range of sources including Malaysia, Thailand, Italy, Spain and locally in Singapore as well. The supermarket chain’s policy of source diversification ensures edible oil, a daily essential for households, remains readily available.
This initiative is FairPrice’s latest efforts to benchmark prices for daily essentials in Singapore. Last month, FairPrice also took the lead in providing a special discount for its Pasar fresh eggs (30s) in view of rising egg prices. This triggered other industry players to also drop their prices for eggs, benefiting everyone in the community.
*Product assortment availability may vary from store to store.
**Since January, prices of FairPrice housebrand edible oil products increased 3 to 17 percent while prices of national branded edible oil products increased by up to 25 percent.