Business

The world is in danger of running out of cooking oil

In Spain, cooking oil from Ukraine is increasingly scarce from supermarket shelves. Many retailers have had to apply a purchase limit of 2-5 liters per customer. Prices have also increased about 2-3 times, making the cost burden on businesses and consumers even bigger.

Mr. Javier Alvarez, owner of a restaurant, said: “A year ago we could buy oil for only 0.8 euros per liter, but now it’s 2.6 euros. Now things are too difficult. with us”.

This is something that has been expected since the start of the conflict because both Russia and Ukraine are major exporters of edible oils, accounting for nearly 70% of the global sunflower oil market, especially in Europe, where The domestic supply of vegetable oil is quite low compared to imports from the two countries.

Not only in Europe, the new decision of Indonesian officials is threatening to make the global supply of cooking oil even more scarce.

Indonesian President Joko Widodo said: “The government has decided to ban the export of cooking oils and raw materials from April 28. We will continue to monitor to ensure an abundant domestic cooking oil supply and reasonably priced”.

Although it is the world’s number 1 exporter of cooking oil, mainly palm oil, it often falls into shortages. Indonesian officials said this was the last resort, after many measures to keep prices and ensure domestic supply failed.

This decision comes at the right time, in addition to the situation in Ukraine, the supply of cooking oil is also tight due to the decline of other raw materials such as soybeans and rapeseed because of the drought.

According to experts, the crisis of shortage of cooking oil is contributing to worsening food inflation, which is at a record high globally, in which developing countries depend on cheap palm oil like India. , Pakistan or the Middle East may be the hardest hit.


According to Viet Linh

You are reading the article The world is in danger of running out of cooking oil
at Blogtuan.info – Source: cafebiz.vn – Read the original article here

Back to top button