Instant noodle and cooking oil companies are cutting prices on some products.

President Lee Jae-myung (이재명) on Wednesday referred to the cooking oil and instant noodle industry's price-cut plans and said, "I would like to express my gratitude to the companies that have joined in overcoming the crisis." Lee added that he had been briefed that cooking oil and instant noodle producers will cut prices on some products by up to the double digits for shipments starting next month.

The industry said Nongshim, Ottogi, Samyang Foods and Paldo will cut prices for instant noodles and some other items.

Nongshim will lower prices for some instant noodle and confectionery items. The instant noodles include 16 products: Anseongtangmyeon by 5.3 percent, Mupamatangmyeon by 7.2 percent, Yukgaejang Ramen, Sarigomtangmyeon, Hururuk Guksu, Hururuk Kalguksu, Mupamatangmyeon, Gamjamyeon, Jjawang, Bogeulbogeul Budae Jjigae Myeon and Saewootangmyeon. For snacks, it will cut the factory shipment price of four Jjolbyeong Snack products by an average 7.0 percent.

A Nongshim official said the company decided to cut prices in line with the government's push for price stability and economic recovery.

Ottogi will cut prices for some instant noodle and cooking oil items. For instant noodles, it will cut the factory shipment prices of eight products, including Jinjjamppong, Gul Jinjjamppong, Cream Jinjjamppong, The Hot Yeol Ramen, Ma Yeol Ramen, Jjasyullang and Jinjja Jjajang, by an average 6.3 percent.

Samyang Foods will cut the factory shipment prices of two Samyang Ramen Original products, the bagged and cup versions, by an average 14.6 percent.

A Samyang Foods official said, "Samyang Ramen has been a product that has been with the public for more than 60 years, and we will repay the support we have received through a price cut."

Cooking oil makers including CJ CheilJedang, Daesang, Ottogi Sajo Daerim, Lotte Wellfood and Dongwon F&B have also moved to cut product prices.

CJ CheilJedang decided to cut prices by up to 6 percent for two products, including canola oil and grapeseed oil, across four items. Ottogi will cut prices for four products, including extra virgin olive oil (0.5 litre) and sunflower seed oil (0.5 litre).

Daesang will also cut prices for three consumer (B2C) products, including Chungjungone olive oil, canola oil and sunflower oil, by 3 to 5.2 percent. A Daesang official said the company decided on the cuts to join the government's price-stability stance.

Nongshim and Haitai Confectionery have also decided to cut prices for confectionery products, drawing attention to the confectionery industry. Confectionery makers are known to be weighing the move as flour and other raw materials account for a small portion of costs for such products.

A confectionery industry official said, "In confectionery products, the share of raw material costs for flour and sugar is less than 1 percent, so the burden of cutting prices is not small." The official said rising oil prices driven by the recent international situation are also pushing up packaging material costs, making price cuts difficult.