Egypt signs deals to import 90,000 tons of food oil

Egypt has sealed deals to import 90,000 tons of edible oil in the near future, as part of a government effort to boost the supply of strategic commodities, Minister of Supply and Internal Trade Ali El-Moselhy said on Wednesday.

Under the signed contracts, 60,000 tonnes of sunflower oil and 30,000 tonnes of soybean oil would be imported, El-Moselhy was quoted as saying in a statement by state news agency MENA.

The move is part of the government's plans to "increase stocks of strategic commodities and provide citizens' needs at reasonable prices in a way that achieves market balance and stability."

The statement did not elaborate on where the oil will come from, the deals' price tags or the time of delivery. The ministry spokesperson contacted by Ahram Online was not immediately available for comment.

Egypt has food oil stocks sufficient to cover up to five months, according to the supply minister.

Last month, the ministry increased the price of subsidised oil from EGP 10 to EGP 12 for the 0.8 litre bottle. At the time El-Moselhy attributed the increase to a hike in oil prices in global markets as well as the depreciation of the Egyptian pound against the dollar.