Fuelled by the Russian invasion of Ukraine, droughts in America and Canada and the impact of the Covid-19 pandemic, the price of sunflower oil has risen by a staggering 45-55% and the price of canola oil by 35-40% in the past two months — adding to the woes of already stressed South Africans.
“On its own, it wasn’t that bad,” Botes said, “but the year before that Canada had the worst canola crop yet, and canola oil was already at a high price. Then soya also moved up. He said in the past few weeks they were seeing a “pull away” from sunflower oil globally and prices coming down again, but not to where they were before 2022:
“It is, however, important to understand that in a developing country, one of the indicators is increased demand for oils/fats, and South African demand grows by about 2% annually. So, despite the supply pressure, demand is expected to grow. “This shortage led to panic buying from countries to secure stock from alternative countries, which significantly affected the demand and led to significant spikes in prices.
“However, the increases are coming. You can expect your favourite brand of oil to sell for R99.99 to R119.99 for two litres within the next 30 days. Some pricing might already have changed, but the full change in price is not visible yet.” “We do not have enough profit compared to what we made before the price increase,” he said, explaining that in Mthatha, the price of a two-litre bottle has increased by R25. This is too much for us as small businesses,” he said.
Fast food vendors who buy their oil in bulk said they now pay about R700 whereas they used to pay less than R500. Andiswa Sokhahleleka owns a caravan in Mthatha from which she sells food. She said the price hike in cooking oil has hit her hard. Sokhahleleka uses the oil to cook samp, chicken and vegetables.
Albertina Ngqeleni, a mother who sells vetkoek around Mthatha, said due to the increase she now doubts she can continue with her business. As cooking oil prices soared, residents in remote areas of the Eastern Cape also said they are feeling the pinch. Once selling for R55, a two-litre can of cooking oil now costs a whopping R80 in most retail stores around the poorest province in South Africa.
“In December the prices were not this bad. From now on I will opt for the Somali shops. At least they are still cheaper, despite the fact that the quality is not the same. But that doesn’t matter anymore,” he said.
Source: News Formal (newsformal.com)
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