Good news for NTUC FairPrice shoppers — four popular brands of cooking oil products will be sold with a special discount of 10 per cent.
This move comes amid rising prices in essential foodstuffs, including cooking oil, following the Russian invasion of Ukraine.
10 per cent discount in light of spiking prices
A press release from NTUC FairPrice on May 25 stated that edible oil prices have spiked since January this year.
Prices of FairPrice house brand edible oil products have increased by 3 to 17 per cent, while prices of national branded edible oil products have gone up by up to 25 per cent.
In response, FairPrice announced a 10 per cent discount on the following cooking oil products, with the new prices:
- Knife Brand cooking oil (2L) at S$7.20 (retail selling price [RSP] S$8.05)
- Rice Field 100% rice bran cooking oil (2L) at S$8.30 (RSP S$9.25)
- Duck Brand vegetable cooking oil (2L) at S$6.00 (RSP S$6.70)
- Cock Brand pure groundnut oil (2L) at S$13.15 (RSP S$14.65)
The discount will be available across all FairPrice supermarket retail formats, including FairPrice Online, from May 25 to June 1.
However, do bear in mind that the availability of the products varies from store to store.
Each customer may purchase up to two bottles, regardless of brand, during the promotional period.
FairPrice's efforts to benchmark prices for daily essentials
FairPrice added, "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."
FairPrice Group's Chief Procurement Officer, Tng Ah Yiam, described the move as one to "provide assurance and bring some sense of normalcy back amidst the current uncertain economic situation."
While Indonesia recently lifted a ban on the export of palm oil, which should help with the price pressure, market conditions are still expected to remain volatile.
FairPrice added that it carried edible oil from various sources, including Malaysia, Thailand, Italy, Spain, and local sources.
FairPrice also pointed to how it "took the lead" to provide a discount for Pasar fresh eggs (30s) after egg prices rose in April.
"This triggered other industry players to also drop their prices for eggs, benefiting everyone in the community," FairPrice said, adding that the cooking oil initiative is another example of its efforts to benchmark prices for daily essentials in Singapore.
Top image from NTUC FairPrice.