The price of cooking oil may rise again before the Chinese New Year, and the price of 5 kg of cooking oil may reach a new high!
Recently, the prices of global commodities have been rising, and palm oil prices have also been rising. The current palm oil futures price per metric ton is about RM5163, and this year lowest was only about RM3471. It is not ruled out that it will surpass RM5400 early next year.
According to analysis, the prospects of palm oil in the next five months are still bullish. Indonesia levies a large number of export tariffs, which will lead to a tight palm oil supply that will peak between January and February next year. It is not impossible for palm oil prices to soar to RM5,400 per metric ton early next year.
The price of palm oil has soared, which has directly led to an increase in the price of domestic cooking oil. The price of cooking oil has risen several times in the past 12 months. Take Red Eagle Oil and Knife Mark Oil as examples.
The price of 5 kg of Helang Red Eagle Blended Cooking Oil and Knife Blended Cooking Oil previously only cost about RM24 to RM27. In June this year, it has soared from RM31 to RM34. In December, it soared from RM36 to RM40. If palm oil prices continue to rise, the price of 5 kg cooking oil may rise to RM45.
