MUMBAI— Palm oil has become the costliest among the four major edible oils for the first time as buyers rush to secure replacements for sunflower oil shipments from the top exporting Black Sea region that was disrupted by Russia’s invasion of Ukraine.
Palm oil’s record premium over rival oils could squeeze price-sensitive Asian and African consumers already reeling from spiraling fuel and food costs, and force them to curtail consumption and shift to rival soy oil, dealers said.
