Cooking oil retails lower as copra prices dip

After posting record high prices in the past months, cooking oil prices have entered a period of steady decline following a drop in copra prices. Prices of cooking oil in wet markets have gone down by 11 percent, according to the Coconut Oil Refiners Association (CORA). A 750-ml bottle of cooking oil is expected to sell at P72 from P80 in the previous weeks. A 375-ml bottle on the other hand retails for P36 pesos from P40. While prices in wet markets have already gone down, consumer brands sold in groceries and supermarkets may take a while to reflect the downward adjustment. “In dip out markets, they buy one or two cans so their turnover is faster and they could easily reflect price changes. Supermarkets buy in bulk so changes in price will take a while," said CORA president Jess Arranza. Copra or smoked coconut meat is the primary ingredient in the manufacture of cooking oil. From a high of P65 a kilo in the past months, local copra prices are now pegged at P51 a kilo. “The world market price of fats and oils dropped significantly," said Arranza. With the weather improving in coconut-producing regions, cooking oil prices are likely to go down some more, he added. — VS, GMA News