The oil crisis
From pizza to lipstick, palm oil is present in almost half of all packaged products found in supermarkets. It gives products a longer shelf life, it’s odourless, colourless and used as a cooking oil across the world. Indonesia is responsible for the majority of palm oil, but late last month announced it was banning exports. This came as the price increased 200 per cent since 2019 and after hundreds of people in Jakarta had to queue to obtain affordable supplies. It’s not just the supply of palm oil that’s drying up. Ukraine produces around half of the world’s supply of sunflower oil, and since the war began exports have dropped by 95 per cent, prompting retailers in UK and Europe to limit the number of bottles customers can buy – Morrisons and…