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- Shoppers in the UK begin to panic purchase cooking oil amid mounting inflation pressure from a global supply shortage
- Cooking oil sales have climbed 17 per cent when compared to the previous year, with sunflower oil purchases up 27 per cent and vegetable oil up 40 per cent
- The sizeable jump is attributed to the Russia Ukraine crisis, which has placed upward pressure on sunflower oil, forcing many buyers to seek alternatives
- The shortage is threatening many British fish and chip shops who are dependent on the product
- Many are looking towards Australia and Argentina as a new source of supply
Shoppers in the UK have begun to panic purchase cooking oil amid mounting inflation pressure from a global supply shortage.
Cooking oil sales have climbed 17 per cent when compared to the previous year, with sunflower oil purchases up 27 per cent and vegetable oil up 40 per cent.
The sizeable jump is attributed to the Russia Ukraine crisis, which has placed upward pressure on sunflower oil, forcing many buyers to seek alternatives.
Ukraine and Russia account for 73 per cent of global sunflower exports.
The industry has also come under pressure after Indonesia made the move to ban exports of Palm Oil last Friday.
Given that the country accounts for more than half of the world’s palm oil supply, prices for substitute products spiked in response.
In response to the massive growth in demand for cooking oil, retailers in the UK have begun introducing restrictions on purchases.
Tesco has limited purchases to three bottles of oil per person, while Morrisons and Waitrose have taken a step further, with two bottles per person.
The shortage is threatening many British fish and chip shops who are dependent on the product. It’s predicted that up to a third of fish and chip shops could be forced to close if the supply issue is not handled.
Many are looking towards Australia and Argentina as a new source of supply.
