Price of Cooking Oil Set to Explode, Consumers Warned to Brace for R120 for 2 Litres

• The price of cooking oil is set to rise even further with prices set to reach R120 per two-litre bottle due to a severe shortage of oilseed products
• The shortage has been created by Russia's invasion of Ukraine which is a major exporter of canola and sunflower seeds
• Consumers are feeling the pinch and have taken to social media to vent their anger at the ever-increasing cost of living

PRETORIA - Due to a severe shortage of products derived from oilseeds, the price of cooking oil is predicted to hit R60 a litre. This means that consumers could expect to pay as much as R120 for a two-litre bottle of cooking oil.

One of the major contributing factors to the high prices is the Russian invasion of Ukraine. Ukraine exports a large amount of canola and sunflower oil, the war has severely reduced the European country's ability to harvest and export the products.

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Commercial Director of Southern Oil, Morné Botes has warned that the effects of the war will soon be felt financially as the price of cooking oil creeps up to R60 - R80 for a two-litre bottle with prices estimated to reach R120 according to SABC News.

This issue does not only affect South Africans but is a global problem. In the United Kingdom, the price of cooking oil has risen 22% since last year. Since the lockdown in 2020, the price of cooking oil has been on the rise.

Manufacturers have warned that stocks of sunflower oil were running dangerously low and they only had a few weeks' worth of stock according to The Guardian.

Consumers vent on social media at the ever-increasing cost of living

"Must be a mistake": Woman shares cooking oil price of R98, gives SA chest pains

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Earlier, Briefly News reported that a woman named Dimakatšo Camilla Supe was taken aback by the new price of cooking oil and simply had to share it with peeps on Twitter.

Dimakatso posted a pic of a 2-litre bottle of oil that was charged at R98 and said:

"This thing was R23 not long ago."

Twitter peeps had mixed feelings about Dimakatso's findings. Some were convinced that the store may have made a mistake while others felt that the price was correct. People even shared their own experiences with grocery shopping and lamented over how much they had to pay.

Source: Briefly News