23/03/2022 (Business in Cameroon) - The price of refined palm oil in Cameroon recently rose from CFA1,100 to CFA1,400 per liter. While the population already complains about the increase, which is also disapproved of by the government, the refiners want it to be higher.

During a meeting held last March 18 in Yaoundé with the government and economic operators, the employers grouping (Gicam) called for a higher increase in the sale price of palm oil. The association said the measure will help offset the recent rise in the prices of raw materials and freight on the international market.

Gicam proposed CFA2,040 per liter, nearly CFA1,000 more than the original price, and CFA700 more than the current market price. Between January 2021 and January 2022, the price per ton of crude palm oil jumped by 75% on the global market, and further soared by 35% in Q1 2022.

To ensure the supply of refined palm oil production units operating in Cameroon, the government has recently authorized the import of 143,000 tons of crude palm oil.  However, although this volume will reduce the structural production deficit now estimated at 160,000 tons annually, according to data from the Oilseed Refiners’ Association (Asroc), it will add to the already high import bills.