Kenya: Cooking oil price up 25 percent on global rally
Kenya
Published Jun 26, 2021
Tridge summary
The retail price of cooking oil in the country has increased by a quarter for a 20-liter container since January on the back of a rally in edible oils cost globally.
Original content
The retail price of cooking oil in the country has increased by a quarter for a 20-litre container since January on the back of a rally in edible oils cost globally. The rally is attributed to reduced production in exporting countries. A spot check by the Business Daily indicated that retail prices increased to average Sh4,587, with the lowest cost brand in two leading retailers at Sh3,896 and the highest at Sh6,540. The price has increased from an average of Sh3,600 by end of January. Tax changes have also contributed to the increase. Prices were lower last year following the VAT rate cut to 14 percent under the Covid relief measures announced by the government, but this was reverted to 16 percent at the end of December. The global price of palm oil, the most widely consumed edible oil, has been increasing since last year after the Covid-19 lockdowns cut output from plantations in Southeast Asia. News agency Reuters reported on June 15 that Malaysia’s benchmark crude palm oil ...
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