Edible Oil Disappears from Supermarket Shelves Amid Supply Instability... Consumers Left 'Bewildered'

Government Says No Issues, but Concerns Over Crisis Remain

The cooking oil product line has disappeared from the shelves at Costco Yangpyeong branch. Flour and other items are displayed on the former cooking oil shelves.

[Asia Economy Reporter Eunmo Koo] "I think this is the first time I've seen cooking oil completely out of stock at a large supermarket in my life."

Regarding concerns over a 'cooking oil crisis' triggered by the global supply chain impact from the Ukraine situation, the government maintains that there is no problem with supply and demand. However, cooking oil has disappeared from the shelves, especially in some warehouse discount marts, causing inconvenience to consumers.

On the 19th, cooking oil products were completely gone from the shelves at Costco Seoul Yangpyeong branch. Flour and pancake mix took the place where cooking oil used to be displayed. A Costco official said, "Due to the cooking oil crisis, supply has not been properly maintained, and the products have been out of stock for three days," adding, "It is uncertain when the products will be restocked."

At the site that day, inquiries from customers looking for cooking oil were nonstop. It was easy to spot consumers wandering near traditional oils like sesame oil, searching for cooking oil. A self-employed person, Mr. A, who visited to purchase cooking oil, said, "I wondered if the cooking oil display location had changed, so I wandered around and asked, but to hear that there is none at all is a bit shocking," expressing frustration, "If this situation continues, it will be difficult to run my business."

A notice stating "Purchase limit of 2 cooking oil bottles per person" is posted at Emart Traders Kintex branch.

As concerns over the cooking oil crisis expand, some warehouse discount marts and online malls have continued to limit purchase quantities. Previously, Emart Traders and Lotte Mart Max limited purchases to two items per person.

However, the government views that there is no overall problem with supply and demand. Since speculative demand such as hoarding is occurring mainly for some product groups, if this speculative demand calms down, the possibility of consumers facing difficulties in purchasing cooking oil is low. Currently, there is no difference in consumer order volume for factory-use quantities such as ramen, confectionery, and bakery, or for household small packaging under 1L. However, orders for commercial canned cooking oil (18L) and large household packages (1.8L) have increased significantly.

The industry also states that soybean imports, the raw material for soybean oil, are smooth, and there are no supply issues with canola oil, olive oil, and sunflower seed oil. A supply company official said, "We are supplying and selling more than usual, and there is no immediate supply problem," but added, "If supply continues to increase in the future, raw material prices may move, causing price pressure."