Oil manufacturers in the country have said that prices of cooking oil will go up in November this year.
Last year, a two litre bottle of cooking oil was at K2,000 but currently prices of a 2 litre bottle for most brands are ranging between K3,500 and K3,800.
Manufacturers say the prices could go up in November due to rising price of crude oil which is a raw material for cooking oil.
Edible Cooking Oil Association of Malawi chairperson Jayshree Patel has told the local media that crude oil which they import from Brazil and Bangladesh is 120 percent more expensive than last year and the stock which manufactures had will run out by November.
She added that soya beans would have been used as an alternative but massive exportation of the commodity has led to its shortage on the market.
“When the current stocks of crude oil ran out, the price of cooking oil should also go up. Had it been that the country had enough soya [beans], we could have used it as an alternative raw material for cooking oil, thereby cushioning the price,” Patel told the local media.
However, Spokesperson for Ministry of Trade Mayeso Msokera has argued that many cooking oil manufacturers in the country do not extract oil from oilseeds.
He added that manufacturers that use Soybeans were provided with an opportunity to buy enough Soybeans.
The Consumers Association of Malawi Cama Executive Director John Kapito has since accused the manufacturers of ignoring local farmers and buying crude oil at expensive prices in order to externalize forex.