Lang
Egypt’s Minister of Supply and Internal Trade, Sherif Farouk, confirmed that an agreement has been reached with the public and private sectors to remove any obstacles that could affect cooking oil prices until the upcoming month of Ramadan.
The minister met with representatives of edible oil companies in a step aimed at strengthening the partnership between the government and the private sector to ensure the availability of basic commodities and maintain price stability.
Farouk focused during the meeting on the importance of securing strategic oil stocks and improving storage and supply efficiency. He explained that the ministry is working to strengthen these stocks to meet market needs over the long term.
This comes at a challenging time for markets, as raw material prices have been affected by global economic conditions. The minister also emphasized the importance of committing to fair prices that protect the rights of both producers and consumers.
The minister stressed the need to boost local edible oil production and called on all relevant parties to support projects aimed at increasing reliance on locally produced goods.
This call comes as part of the ministry’s efforts to face global challenges affecting oil prices, including higher shipping and raw material costs. Strengthening food security remains a government priority, making local production a strategic step for the future.
The minister thanked both the public and private sectors for supporting the state’s efforts to achieve food security and market stability. At the end of the meeting, he called on all parties, particularly those working in the oils industry, to work together as one team to address current challenges.
The measures announced by the Minister of Supply and Internal Trade reflect a rapid response to global and local economic pressures, as well as the government’s commitment to providing basic commodities at suitable prices.