MELAKA: Consumers have started snatching up cooking oil in the market, especially some of the more popular brands among Chinese households, for fear the prices will increase further.
From what we understand, prices of cooking oil have been hiked a few times since the start of the pandemic, with those of 5 kg blended oil now hovering at around RM40, up from RM30, while some of the popular premium cooking oil brands are now priced above RM50.
With goods prices going through the roof, people in the street are beginning to stockpile cooking oil in hope of saving a few more dollars before prices go up further.
In some stores, certain brands of cooking oil have seen shoppers quickly grabbing up the remaining stock.
Popular brands an instant sell-out
Melaka Retailers Association president Lye Swee Lim told Sin Chew Daily prices of cooking oil had been rising steadily in recent years, especially during the last six months.
“When the wholesalers come to deliver the stock, they would tell us straight that the price has increased. For example, they would say the wholesale price for the cooking oil now retailed at RM37 has gone up to RM37.”
In the past, the suppliers would normally issue an early notice of any price adjustment, but not in the last one year.
Lye said under such circumstances, retailers had to replenish the inventory prudently for it was hard for them to accurately anticipate the stock that needed to be replenished.
He said some of the brands such as Knife and Red Eagle popular among Chinese households were instantly sold out while the stock for less popular brands was readily available.
“There are many factors contributing to the price hike, such as prices of palm oil and imported raw materials, sliding ringgit and the war in Europe.”