From a fish and chips shop in London to a fried foods stall in Indonesia, the soaring cost of cooking oil is hitting the world hard. It's the latest fallout to the global food supply from Russia's war in Ukraine, the top source of sunflower oil.
in Middle Eastern, African and some Asian countries where millions rely on subsidized bread and cheap noodles.Vegetable oil prices hit a record high in February, then increased another 23% in March, according to the U.N. Food and Agriculture Organization. Soybean oil, which sold for $765 per metric ton in 2019, was averaging $1,957 per metric ton in March, the World Bank said.
“I am sad,” said Emiwati, who only uses one name. “We accept the price of cooking oil increasing, but we cannot increase the price of the foods we sell.”in Jakarta. Indonesia has imposed price caps on palm oil at home and will ban exports, creating a new squeeze worldwide. Palm oil has been sought as an alternative for sunflower oil and is used in many products, from cookies to cosmetics.in an industry whose environmental effects have been decried for years.
Cargill, a global food giant that makes vegetable oils, said its customers are changing formulas and experimenting with different kinds of oils at a higher rate than usual. That can be tricky because oils have different properties; olive oil burns at a lower temperature than sunflower oil, for example, while palm oil is more viscous.
“If there were a cease-fire or something like that, we would see prices decline in the short run for sure,” he said.
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