Blog: Oil prices fuel cost concerns
Dean Best | 21 May 2008
All the talk in the food industry may be about rising commodity costs, be it grain, dairy or sugar.
But one cost is rarely mentioned, despite mounting quickly – fuel.
Today, there emerged news that will furrow the brows of many a food industry executive – oil is flirting around US$130 a barrel.
Speculation that China will have to import more fuel in the wake of the Sichuan earthquake, while commodity traders are said to be driving up the price of oil as a hedge against the weak dollar.
Whatever the reason, news of the seemingly ever-rising cost of oil will make sobering reading around food industry boardrooms.
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