Cooking oil prices witness additional 14% reduction, reaching LE 65

Minister of Supply and Internal Trade, Ali Al Moselhi, has announced a reduction in oil cooking prices, resulting in a decrease of 36 percent for this commodity. The latest reduction, which took effect on Saturday, amounts to a 14 percent drop. 

 

Consequently, the minister confirmed that a 1-liter bottle of mixed oil can now be purchased in the markets for LE 65.

 

The first reduction was in March when he revealed a 20 percent decrease in cooking oil prices in Egypt. At that time, the price per 0.8-liter bottle had dropped from LE 100 to LE 80.

 

Highlighting the positive impact of recent customs releases, Minister Al Moselhi emphasized an increase in the supply of essential goods, surpassing $8 billion in value. 

 

In December, the Minister implemented a decision aimed at regulating the trading of seven strategic commodities, requiring companies and establishments to clearly display the final selling prices of their products, including taxes and additional costs.

 

 The decision encompassed rice, pasta, dairy products, oils, beans, sugar, and certain types of cheese.

 

To control market dynamics and stabilize commodity prices, a meeting convened by Prime Minister Mostafa Madbouly in December resulted in a Cabinet decision mandating the printing of prices on all manufactured commodities. 

 

This decision came to prevent excessive price increases caused by intermediaries between producers and consumers.