Edible oil price soars due to shortage

The survey at some outlets around Buguruni and Mnyamani showed wholesale price has also jumped to between 65,000/- and 68,000/- for a 20-litre bucket. The prices fluctuation has putoff some wholesale and retail traders from selling palm oil products—Mo Safi and Korie—as they are afraid failing to find buyers.

Seleman Mfinanga of Katanga Watercom Distributors said they had stopped stocking Korie and Mo Safi products after prices shot from 55,000/- to 65,000/- between Monday and Wednesday.

“Every fresh consignment we received came with a new price tag… On top of that, the products are hard to find amid high price…it has become a monkey business,” Mr Mfinanga said.

He said Mo Enterprise distributing trucks are selling the 20 litres bucket at 67,000/- if you buy more than 100 buckets. “Mo Safi and Korie are fast moving cooking oils…but retailers are not buying them,” Mr Mfinanga said.

Another edible oil wholesale a super-dealer, Mroso at Mnyamani, was selling the 20litre bucket at 67,000/- being the cheapest in the area. The ‘Daily News’ survey found out that a chain of retail shops ran out of palm oil but were awash with sunflower oil.

Abdul Shabani, a shopkeeper at Buguruni Sokoni, said he ran out of palm oil in the last four days and was not sure to restock. “The prices have skyrocketed. I am hesitating to restock because I may fail to find customers,” Mr Shaban said.

He stopped selling palm oil when the price crossed 60,000/- a bucket. “Most of our customers are those engaging into French fries business and shopkeepers selling the 20 litres bucket in small portions of less than a quarter-litre…and they are not coming,” Mr Shabani said.

However, a lady shopkeeper preferred nameless near Muhimbili’s bustand at Buguruni said buyers for sunflower oil have increased in recently days.

Source: Daily News

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