• Why are cooking oil prices spiraling?
  • The war in Ukraine ¡ª which supplies nearly half of the world’s sunflower oil, on top of the 25% from Russia ¡ª has interrupted shipments and sent cooking oil prices spiraling. It is the latest fallout to the global food supply from Russia’s war, and another rising cost pinching households and businesses as inflation soars.
  • How much does a drum of cooking oil cost?
  • Across the world in London, Yawar Khan, who owns Akash Tandoori restaurant, said a 20-liter drum of cooking oil cost him 22 pounds ($28) a few months ago; it¡¯s now 38 pounds ($49).
  • How will Russia affect the world’s oil industry?
  • Russia is responsible for 13% of the world¡¯s crude petroleum exports, which means anything that requires transportation at any stage of production¡ªalmost everything¡ªwill be impacted. Penfield predicts inflation may hit 11% by the end of the year. Companies like Martin¡¯s Snacks that rely on sunflower oil will be particularly vulnerable.
  • How much did vegetable oil cost in March?
  • Vegetable oil prices hit a record high in February, then increased another 23% in March, according to the U.N. Food and Agriculture Organization. Soybean oil, which sold for $765 per metric ton in 2019, was averaging $1,957 per metric ton in March, the World Bank said.
  • How much does a 2 liter bottle of cooking oil cost?
  • A 2-liter bottle now costs up to $9. Emiwati, who runs a food stall in Jakarta, Indonesia, said she needs 24 liters of cooking oil each day. She makes nasi kapau, traditional mixed rice that she serves with dishes like deep-fried spiced beef jerky. Since January, she’s had trouble ensuring that supply, and what she does buy is much more expensive.