KUANTAN, Malaysia: Rising prices for cooking oil in India are forcing residents of Mumbai to ration every drop. Bakeries in the United States are fretting over higher shortening costs. And here in Malaysia, brand-new factories built to convert vegetable oil into diesel for trucks sit idle, their owners unable to afford the raw material.
This is the other oil shock. Shortages and soaring prices for palm oil, soybean oil and many other types of vegetable oils are the latest, most striking example of a developing global problem: costly food.
A PRECIOUS COMMODITY — In Mumbai, Rajkanya Kawle, 11, held palm oil for her family’s dinner.