Singapore, April 1 - Agricultural commodities firm Wilmar International Ltd. said Tuesday the Chinese government has approved its application to increase cooking oil product prices.
In a filing with the Singapore Exchange, Wilmar said China's National Development and Reform Commission "has no objection to Wilmar's increase application."
The company had applied on March 1 for a price hike of 10% for its consumer cooking oil products.
"However, in view of the recent sharp drop in edible oil prices, Wilmar will monitor prices closely before determining any price revision," the company said.