Market -Liquid oil prices have hit rooftop following the ongoing crisis in Ukraine where Russia has invaded the country with war.
In a recent data collected from the market, it was established that manufacturers of cooking oil were now buying palm oil, the main raw material at between $1760 (sh 200,534) per metric tonne and $1980 (sh 225,522) after the escalation of Ukraine-Russia conflict last month.
This price jump of crude palm oil is now estimated at 33 percent as players continue to pile pressure on the State to contain any further rise.
Before the conflict, the commodity retailed at $1490 (sh 168,578) per tonne, having more than doubled from $700 per tonne before the onset of the Covid-19 pandemic in March 2020.
Economist and business experts across the globe have quickly attributed this rise to export restrictions by Indonesia.
“Locally, Covid-related factors had already caused a jump in the price of a 20-litre Jerrycan from Sh2,200 to Sh4,500 in under two years. After the invasion, the price shot up to Sh5,100 in under a week,” said edible oils subsector chairman, Abdulghani Alwojih.
This therefore means all basic commodities including food will increase in their prices hence a further strain on pockets of citizens.
“This rise is set to have an upward ripple effect in the prices of basic commodities and food businesses,” he added.
Currently, petrol is even cheaper as compared to the cooking oil.
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