TOKYO, Mar 14 (News On Japan) - The Japan Fair Trade Commission conducted inspections on four major sesame oil manufacturers on Wednesday, suspecting them of colluding in price-fixing.
The suspected cartel activity, which may have been ongoing for many years, has raised concerns about the manipulation of sesame oil prices.
Sesame oil is an essential ingredient in various dishes, and its price has been notably rising, making it less affordable for consumers. According to Akiba Hiromichi, president of Akidai, a food product company, the price of sesame oil has doubled in recent years, with several price increases by the major manufacturers.
Data from the Ministry of Finance shows that the import price of sesame seeds, the raw material for sesame oil, has doubled in the last two and a half years. During the same period, the four major companies have raised their prices three to four times. However, there are suspicions that these price increases were coordinated among the companies, which control a significant portion of the sesame oil market, estimated to be worth around 45 billion yen annually.
Muraguchi Taro, the owner of a tempura restaurant, shared his struggles with the rising costs of sesame oil, which is crucial for maintaining the traditional taste of Edomae tempura. The possibility of a cartel has only added to his worries, leading him to consider raising prices for some menu items to cope with the increased expenses.
The Fair Trade Commission is investigating whether the information exchange between the four companies has been ongoing for an extended period. In response to the investigation, all four companies have stated their intention to cooperate fully with the commission.
Source: ANN
