Egypt’s cooking oil prices drops by 20% to reach LE 80: Supply Minister

CAIRO - 5 March 2024: Cooking oil prices in Egypt have undergone a drop of approximately 20 percent. The price per 0.8 liter bottle now reached LE 80, down from the previous LE 100, Minister of Supply and Internal Trade, Ali Al Moselhi, stated in a cabinet’s press conference. 

 

Al Moselhi attributed this decline to the devaluation of the dollar against the pound in the unofficial market. 

 

Furthermore, he anticipated a forthcoming decrease in the prices of essential food commodities, projecting a potential reduction of up to 25 percent in the coming weeks. 

 

As part of the government's efforts to regulate the market, Egyptian companies involved in the production of strategic food items have initiated the practice of documenting the final prices on their products since the beginning of March 2024, according to sources cited by Asharq Bloomberg.

 

In December, Al Moselhi had issued a directive aimed at regulating the trade of seven strategic commodities. This directive mandated companies and establishments to clearly indicate the final selling price of their goods to consumers, inclusive of taxes and financial burdens. 

The affected commodities include rice, pasta, dairy products, oils, beans, sugar, and certain types of cheese.

 

To exercise control over markets and stabilize commodity prices, Prime Minister Mostafa Madbouly chaired a meeting in December. 

During this meeting, the Cabinet mandated that all manufactured commodities must have their prices printed on them, in order to prevent excessive price hikes resulting from intermediaries between producers and consumers.

 

In February, Prime Minister, Mostafa Madbouly directs a plan to gradually release goods in customs with priority to food commodities, medicines, and feed. This directive was given during a meeting on Sunday to monitor the provision of necessary financing in foreign currency for strategic goods and medicines.

 

Cabinet Spokesperson Mohamed El Hommosani explained that the meeting reviewed some reports that monitor the total food commodities, medicines, and fodder in customs, where it was noted that the total currently in stock is worth about $1.3 billion.