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Sayed Bassiouny, a member of the oils division at the Federation of Egyptian Chambers of Commerce, confirmed that edible oil prices in Egyptian markets are stable, noting that they had declined by up to 15%.
Speaking during a press conference at the federation’s headquarters in the presence of the supply minister, Bassiouny said the price of one liter of blended oil currently ranges between EGP 65 and EGP 68.
He reassured consumers that there would be no new price increases at least until next November.
He attributed the stability to abundant supply, which is sufficient to meet market needs until the end of the year, in addition to a safe strategic stock covering consumption for five to seven months.
In a related context, Bassiouny revealed that the Ministry of Supply has started early preparations for Ramadan, in coordination with the Federation of Chambers of Commerce, to organize “Ahlan Ramadan” exhibitions.
These initiatives, which come as part of the government’s plan to control markets, aim to provide basic commodities at reduced prices to ease pressure on citizens, with daily monitoring of prices to prevent monopolistic practices.
Source: Commodity Markets