Beijing, April 2 - Yihai Jiali Investment Corp., a major edible oil producer in China, is likely to raise prices soon, after having cleared a proposal to do so with the country's economic planner.
The National Development and Reform Commission said on its Web site Tuesday that it "didn't object to" the price hike application proposed by the company.
That means the company can raise the prices as it proposed, according to the government's temporary price intervention policy issued at the start of this year.
The policy is aimed at preventing "unreasonable price rises" following a surge since late last year in prices of China's major commodities, pushing the country's inflation to multiyear highs. However, the government said it will allow reasonable price increases caused by increasing production costs.
Last week, two local major dairy producers cleared proposals with the NDRC to raise milk prices.
Edible oil prices continued to jump this year on expectations of tight global supply before tumbling recently on falling futures prices, a result of global economic woes.