Egypt’s cooking oil prices plunge 36% – ministry

Egypt’s Ministry of Supply and Internal Trade has reduced the price of cooking oil by 14 per cent starting from Saturday, according to an official statement.

This brings the total discount on cooking oil to 36 per cent since Prime Minister Moustafa Madbouly conferred with stakeholders a couple of weeks ago to urge them to introduce reasonable price cuts to food staples.

With the new reduction, retail price of a 1-liter bottle of blended cooking oil will start from 65 Egyptian pounds, representing a substantial saving for Egyptian households.

In a related context, Minister of Supply affirmed that food staples are available at reasonable prices following the recent customs releases exceeding $8 billion.