Commodity Prices Still Rising With 1L Cooking Oil Costing Twice as Much as Petrol

Did you know that it will now cost you twice as much to buy a liter of cooking oil than petrol in Kenya? The prices of cooking oil have jumped by almost 33 percent Since March 2022 in Kenya, making it the country’s most expensive basic commodity.

With a liter of Fresh Fri and Avena cooking oil now selling at 350 shillings and 385 shillings, respectively, in major shopping outlets, Kenyans are now sorting for alternatives such as solid fat, which is cheaper than liquid oils.

The rise, which is primarily attributed to the European war that has disrupted the global market, is likely to continue beyond control.

According to palm oil manufacturers, the raw material prices shot to between 200,543 shillings per metric ton and 225,522 shillings after the escalation of the war in march 2022.

Before the war, the commodity retailed at 168,578 shillings per ton. This was more than double its cost before the onset of the Covid – 19 pandemic in March 2020.

Now, with the war still ongoing, reducing the prices of the commodity is nearly impossible, and Kenyans have to bite the bitter share.

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Oil Futures rose significantly on Tuesday 5^th April 2022, as possibilities of more sanctions following alleged war crimes by Russian troops in Ukraine added to concerns about supply disruptions.

June contract of Brent futures was at 12,519.94 shillings per barrel, up 1.07 percent. The May contract of West Texas Intermediate on the NYMEX rose 1.14 percent to 12,033.79 shillings per barrel.

Apart from cooking oil, most Kenyans have been forced to cut their spending to manage the ever-rising cost of other essential commodities over the last month.

Kenya now falls among countries with the high cost of living globally, with all the pain trickling down to the Mwananchi. Across the major supermarkets, sugar retails highest at 260 shillings per 2Kg, Wheat flour goes for 177 shillings per 2Kg, and the 400g bread costs 60 shillings up from 55 shillings a month ago.

Most supermarket milk shelves are empty, and for the few who have the commodity, the prices have shot to 6o shillings for the 500g Tuzo packet.

Experts have predicted that prices will go up even further in the coming months than the prices registered across the country in the same period in 2021.

With increased food prices, shortages, and a possible hike in fuel prices in an election year already full of politics,  Kenyans should prepare for a further rise in the food bills.