Good News As Cooking Oil Prices Set To Reduce

The prices of crude palm oil had hiked by 33 percent due to the Ukrainian crisis. However, the sector players initiated efforts to plead with the government to contain a further rise in cooking oils. Subsequently, manufacturers of cooking oil were buying palm oil, the main raw material at between $1760 (Sh200,534) per metric tonne and $1980 (Sh225,522) after the Ukraine and Russia war escalated.

Nonetheless, Kenyans will have a reason to smile. This is after the world’s biggest palm oil producer, Indonesia, announced it would lift the ban on palm oil exports. This will take effect from Monday, May 23.

Also, read  Ukraine Crisis Hikes Oil Prices

Before, manufacturers had increased the commodity’s retail prices by 35% due to the 45% increase in the cost of importing palm oil into the country. Palm oil is a primary raw material in the manufacture of cooking oil. According to a report by KBC, cooking oil prices are likely to come down in the next few weeks. A lit of cooking oil costs between KSh 342 and KSh 400 with manufacturers paying between KSh 200,534 and KSh 225,522 per metric tonne.

The prices of oil in retail shops are being sold at between 330-400 shillings per litre.

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