The world's cooking oil has become markedly more expensive. The Food and Agriculture Organisation's vegetable oil price index rose to 193.9 points in April 2026, its highest level since July 2022, according to Tridge, driven by a broad rise across palm, soybean, sunflower and rapeseed oils.
Biofuel Demand Does the Heavy Lifting
Much of the pressure traces back to fuel rather than food. The FAO reported that palm oil prices rose for a fifth straight month on strong demand from the biofuel sector, while soybean and rapeseed oil also climbed on firm biofuel demand in the United States and the European Union, as detailed in its oilcrops price review. Sunflower oil added to the squeeze, with prices supported by persistent tightness in the Black Sea region.
A Thin Sunflower Pipeline
Supply of sunflower oil, a staple in many kitchens, remains constrained. Sunflower oil futures climbed to a near four-year high of $1,644 per tonne in March before easing, according to Trading Economics, while Ukraine's 2026 sunflower planting was set at about 5.0 million hectares, slightly below the previous year, according to Fastmarkets. With biofuel mandates pulling oil toward fuel tanks, less is left for the food market.
Nigeria imports a large share of the vegetable oil its households and food processors use, so a four-year high on the world market feeds directly into local cooking-oil costs. FoodPrices Nigeria tracks verified retail prices for cooking oils across Lagos markets, where a global scramble for edible oil turns into a costlier pot of stew.