Cooking oil prices are expected to come down following plans by Indonesia to lift its three-week-long palm oil export on Monday, May 23.
Kenya imports sunflower oils, soybean, corn oil and crude palm oil from Malaysia but it halted importation of the same due to floods and labor shortages.
As such, Kenya has resorted to Indonesia’s palm oil.
Bizna reported that palm oil comprises a third of world’s vegetable oil market with Indonesia accounting for 60% of the supply.
Indonesia halted shipments of crude palm oil on April 28, 2022 to tame soaring prices of the precious commodity in the local market.
The ban saw local cooking oil prices increase with manufacturers of cooking oil raising retail prices of cooking oil by 35 percent.
A consumer would now part with KSh 1,116 to purchase a 3 liter of Rina cooking oil at Naivas supermarket as its prices continue to rise.
A liter of the same trades at KSh 400 while a 2 liter KSh 780 more than double cost of the commodity in May 2020.
On the other hand, a 10 liter of Fresh Fry cooking oil retails at KSh 3,307 while a 20 liter of the same brand trades at KSh 6,590 at Naivas and Carrefour Stores.
Salit cooking oil sells at KSh 1,757 for 5 liters, KSh 3,273 for 10 liters, and KSh 6,522 shillings for 20 liters.
