SINGAPORE - Supermarket chain FairPrice will offer a 10 per cent discount on four popular cooking oil products for a week from Wednesday (May 25) to June 1, to address concerns over increased edible oil prices due the protracted Covid-19 pandemic and the war in Ukraine.

The four cooking oil products are:

• Knife Brand cooking oil (2 litres) at $7.20, down from $8.05
• Rice Field 100% rice bran cooking oil (2 litres) at $8.30, down from $9.25
• Duck Brand vegetable cooking oil (2 litres) $6.00, down from $6.70
• Cock Brand pure groundnut oil (2 litres) $13.15, down from $14.65

Each customer may purchase up to two bottles, regardless of brand, during the promotional period to allow as many households as possible to benefit from this initiative, said FairPrice on Wednesday.

The offer will be available across all FairPrice supermarket retail formats, including FairPrice Online.

Edible oil prices have increased between 3 per cent and 25 per cent, depending on the brand, pack size, type of oil and country of origin, since the beginning of the year, it added.

The pandemic has caused food prices to rise around the world and the situation has been exacerbated by Russia's invasion of Ukraine in February, which pushed up prices in the commodity markets.

Russia and Ukraine are major global exporters of grains and edible oils, supplying almost 75 per cent of the world's sunflower oil.

Following the crisis, prices of edible oils rose. Palm oil prices have more than doubled since the middle of June last year.

FairPrice said the protracted pandemic and the 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," it said.

While the recent lifting of the export ban on palm oil from Indonesia, the world's largest exporter of palm oil, is expected to provide some respite, market conditions continue to remain volatile due to the ongoing pandemic and the war, it added.

FairPrice Group chief procurement officer Tng Ah Yiam said the week-long special discount is to ensure daily essentials remain affordable amid volatile market conditions.

"To provide assurance and bring some sense of normality back amid the current uncertain economic situation, FairPrice is committed to ensuring daily essentials remain available and affordable. We strive to hold prices for as long as we can, and in this case, reduce it further where possible," he added.

FairPrice said it carries edible oil products from a diverse range of sources, including Malaysia, Thailand, Italy, Spain and within Singapore.

"The supermarket chain's policy of source diversification ensures edible oil, a daily essential for households, remains readily available," it added.

Last month, FairPrice offered a 55 cent discount on its house-brand eggs - Pasar Fresh Eggs - for a week in view of rising egg prices.