Cooking Oil Prices To Shoot Up In 3 Months: CBK Explains Why
The changes came amidst confusion regarding the prices of some products that were initially tipped to go lower in terms of retail prices going slightly higher
Marvin Chege 
Kenyans could soon be forced to part with more coins in exchange for cooking oil, even though the prices for some key commodities recorded a drop this year.
The changes came amidst confusion regarding the prices of some products that were initially tipped to go lower in terms of retail prices going slightly higher, a dynamism that has also affected fuel prices.
The Central Bank of Kenya (CBK) on Monday, December 9, explained the changes in prices in its end-year Monetary Policy report as well as what to expect as the year ends.
Edible oils commonly used as cooking oil had their prices increased in October 2024 and are likely to cross over to the next year due to factors from Asia.
Cooking oil being sold at a supermarket. /BUSINESS DAILY
CBK revealed that higher prices of palm, soy, sunflower, and rapeseed oil contributed to the rise due to lower production in key producing countries in Southeast Asia.
"Majority of respondents to the November 2024 Agriculture Survey expect inflation to either remain unchanged or decrease in the next three months, on account of the improved food supply with ongoing harvests and favourable weather conditions, stability in pump prices, and a stable exchange rate," CBK added in the report.
According to the Monetary Policy report, oil prices also declined this year despite the heightened political tensions in the Middle East where a majority of the oil-producing nations are located.
The prices also remained stable with a litre of petrol, diesel and kerosene going for Ksh180.66, Ksh168.06. and Ksh151.39 respectively, and are likely to remain so due to increased supply from non-Organization of the Petroleum Exporting Countries (OPEC) oil producers, and weak demand in China.
