Russia’s war heats up cooking oil prices in global squeeze
Associated PressISTANBUL — For months, Istanbul restaurant Tarihi Balikca tried to absorb the surging cost of the sunflower oil its cooks use to fry fish, squid and mussels. “The customer cannot afford it.” Global cooking oil prices have been rising since the COVID-19 pandemic began for multiple reasons, from poor harvests in South America to virus-related labor shortages and steadily increasing demand from the biofuel industry. The war in Ukraine — which supplies nearly half of the world’s sunflower oil, on top of the 25% from Russia — has interrupted shipments and sent cooking oil prices spiraling. Palm oil prices were up 200% and are set to go even higher after Indonesia, one of the world’s top producers, bans cooking oil exports starting Thursday to protect domestic supply. Across the world in London, Yawar Khan, who owns Akash Tandoori restaurant, said a 20-liter drum of cooking oil cost him 22 pounds a few months ago; it’s now 38 pounds.