Advertise
Egypt's Oils Division at the Federation of Industries issued an official clarification on circulating reports about possible hikes in cooking oil prices in the coming days. The statement was made by Mr. Basiouni, a member of the Oils Division, during a phone interview on the 'Al-Soura' (The Picture) program broadcast on Al-Nahar TV.
Basiouni stressed that Egypt relies almost entirely on imports to meet its edible oil needs, with imports accounting for between 95% and 98% of total supply, as the country lacks sufficient arable land for cultivating oilseed crops on a large scale.
He explained that the cost of edible oils in the local market is determined by three main factors: the global price of oils on international commodity exchanges, the foreign exchange rate, and internal logistics, transportation, and storage costs.
He noted that oil companies hold a regular meeting at the end of each month to review cost structures. Based on this assessment, decisions are taken to either lower, maintain, or raise prices accordingly.
On actual price levels, the Oils Division member revealed that the price of blend oil had previously reached around EGP 105 some one to two years ago, before declining to EGP 85 currently. He pointed out that the price had earlier dropped to EGP 71 or 72. He confirmed that companies adjust prices flexibly in line with cost movements, lowering prices whenever possible and raising them only when necessary.
Basiouni emphasized that no price hikes have been recorded so far on any edible oil product in the local market. All bottles displayed in supermarkets carry the currently approved prices, traders are bound by these prices, and any change will be announced transparently and clearly.
Commenting on international developments, he noted that global challenges, including the Russia-Ukraine war, Iranian-American tensions, and disruptions in the Bab al-Mandab strait, continue to exert pressure on prices. However, ongoing coordination with Dr. Sherif Farouk, Minister of Supply and Internal Trade, through a joint operations room, ensures the availability of sufficient strategic reserves to overcome any potential crisis.
Source: Al-Mustaqbal newspaper