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Egyptian gov’t cuts cooking oil price by 36%

Egyptian gov’t cuts cooking oil price by 36%
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Cairo – Mubasher: The Egyptian government has reduced cooking oil prices by 36% to around EGP 65 per litre, said Ali El-Moselhi, Minister of Supply and Internal Trade.

El-Moselhi noted an increase in the supply of basic commodities following the release of over $8 billion worth of goods from customs, according to an official statement.

The Egyptian Prime Minister has convened meetings with producers, suppliers, and manufacturers to explore price reduction strategies.

Egypt’s annual headline urban consumer price index (CPI) inflation declined to 33.1% in March 2024 from 36% in February.