"Impact of Rising Raw Material Costs" Ottogi and Sajo Slightly Increase Edible Oil Prices

On the 19th, as concerns over edible oil supply increase due to Indonesia's palm oil export ban, citizens are purchasing edible oil at a large supermarket in downtown Seoul. Photo by Moon Honam munonam@

[Asia Economy Reporter Eunmo Koo] Due to the surge in international grain prices and exchange rates, the prices of some products, including cooking oil, will increase.

According to the food industry on the 28th, starting from the 1st of next month, the price of Sajo's 'Haepyo Canola Oil' sold at some convenience stores will rise from 2,400 won to 2,900 won, an increase of 20.8%. The price of 'Pressed Olive Oil' will also increase from 4,500 won to 5,300 won, up 17.7%. Sajo raised the retail price of Haepyo cooking oil 900ml products by 17.6% in supermarkets last February. Sajo stated that these products had not seen a price increase since 2019, and the price hike was inevitably decided due to rising raw material costs.

Ottogi also recently raised the price of commercial-use cooking oil by about 20%. An Ottogi official said, "Last week, we increased the price of the commercial-use cooking oil (soybean oil) 18L product," adding, "Commercial-use cooking oil is particularly affected by international grain prices, so the price increase is the largest among major products."

Earlier, at a major mart A, the price of 'CJ Olive Oil 900mL' increased by 13.7% in January, while sunflower oil rose by 16.4%, canola oil by 15.9%, and grape seed oil by 23.9%. Sajo's Haepyo cooking oil 900mL product also saw a 17.6% price increase in supermarkets last February.

From the 1st of next month, the prices of some Ottogi products such as mayonnaise and somyeon (thin wheat noodles) will also increase. Ottogi somyeon (900g) will rise from 4,300 won to 4,800 won, and Ottogi jungmyeon (medium wheat noodles, 500g) will increase from 2,000 won to 2,250 won, up 12% and 13%, respectively. Ottogi Gold Mayonnaise (300g) will go up from 3,800 won to 4,200 won, and Ottogi mulyeot (starch syrup, 700g) will increase from 3,000 won to 3,500 won, rising 11% and 17%, respectively.