Cooking oil prices in Egypt see additional decline of 14%: Moselhi

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Cooking oil prices in Egypt have dropped further by 14% on Saturday, April 20th, with the price of blended cooking oil in markets starting from EGP 65 per 1 liter, Minister of Supply and Internal Trade Ali Moselhi announced.

Accordingly, the prices of cooking oil have been reduced by a total of 36% since the commencement of the series of meetings chaired by the Prime Minister Mostafa Madbouly regarding the efforts of the price and markets control committee.

Moselhi said that basic commodities are more available following the recent customs releases totaling over $8 billion, which ensures competition among producers, chains, and importers to reduce prices in favor of Egyptian citizens.

On a related note, the price of sugar have been cut by around 16.6% to 22.2% since the launch of the commodities price reduction initiative, Assistant to the Prime Minister Osama Elgohary stated.

The prices of cooking oil have been reduced by a total of 23.8% since the launch of the initiative, while the prices of packed pasta have been slashed by 13.7%, Elgohary added.

Additionally, the prices of white cheese and milk have been cut by 13.8% and 11.3%, respectively, since the initiative was launched, he pointed out.

Moreover, the wholesale market has witnessed a 30% to 35% drop in prices, while the prices have been cut in the retail market by over 20%, President of the General Federation of Egyptian Chambers of Commerce Ahmed El Wakil said.