Egypt to increase price of subsidized vegetable oil - minister

The country's reserves of vegetable oils are sufficient for five months: Ali Moselhy

  
Shoppers are seen in an aisle with subsidised vegetable oils at a government outlet. August 29, 2017. Image used for illustrative purposes

Shoppers are seen in an aisle with subsidised vegetable oils at a government outlet. August 29, 2017. Image used for illustrative purposes

REUTERS/Mohamed Abd El Ghany

CAIRO - Egyptian Supply Minister Ali Moselhy said on Thursday the price of subsidised vegetable oil will increase to 25 Egyptian pounds ($1.60) per 1-litre bottle, adding that it could be brought down if inflation cools.

The country's reserves of vegetable oils are sufficient for five months, he told a news conference in Cairo.

The government raised in June the price of subsidised vegetable oils by 23.5% to 21 Egyptian pounds per one litre bottle, following a jump in raw material costs globally.

($1 = 15.6600 Egyptian pounds)

(Reporting by Sarah El Safty and Nadine Awadalla, writing by Maher Chmaytelli; Editing by Toby Chopra) ((maher.chmaytelli@thomsonreuters.com;))


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