Some experts are predicting that consumers can expect to pay up to R120 for two litres of cooking oil soon due to a severe shortage of oilseed products. This is according to the Commercial Director of Southern Oil, Morné Botes.
He says this is a direct result of the ongoing conflict between Russia and Ukraine. A large amount of sunflower and canola oil is imported from Ukraine.
The conflict has interrupted the planting season which will result in a poor harvest.
Botes says the high prices will remain for some time.
“The increases of what happened in the market already started pulling through towards the bulk market. A lot of the retailers still had some stock at the lower pricing. You’ll see it starting to trickle through in this current period. Prices would have moved from about R60 to R80 a two-litre. With the impact happening now, it will move towards R100 to R120 on a two litre,” says Botes.
Small business owners feeling the pinch as cooking oil prices escalate: