Major edible oil makers urged to stablize prices

Updated: 2007-11-05 23:43

The NDRC also warned large cooking oil makers not to collude in setting prices or provide short measures or shoddy products.

Under current price conditions, enterprises should transfer part of their interests to the people and cherish their public reputation, it said.

Industrial associations were required to provide guidance to firms, make sure they abide by laws and regulations, admonish enterprises in cases of unfair competition, and keep market supervisors informed of the malpractice.

If the price hikes exceeded the extra production costs, market supervisors would step in, it warned.

Without identifying the participating cooking oil makers, the statement said that representatives from business communities had promised to maintain market order with their actions and contribute to the stabilization of market prices.

China's consumer price index, a key measure of inflation, rose by 6.2 percent in September after hitting an 11-year high of 6.5 percent in August, while food prices jumped by 16.9 percent from January to September over the same period of last year, figures from the National Bureau of Statistics showed.

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