Egypt: 10% increase in soybean oil prices despite global stability and the stock is sufficient for 6 months

Hazem El-Menoufi, member of the General Division of Foodstuffs and head of the Ain Association for the Protection of Traders and Consumers, said that the food commodities market is largely stable due to the stability and steadiness of the dollar exchange rate in the Egyptian exchange market, which means that there are no justifications for increasing commodity prices, noting that what is being said about the increase in the price of cooking oils globally is baseless, stressing that traders do not prefer to increase the price of any commodity; because it leads to a recession in demand for it, and thus affects the trader's profit and capital cycle, and that increasing prices leads to the erosion of the trader's capital. El-Menoufi explained, in press statements today, that there is a large stock of cooking oil in factories and importers' warehouses, sufficient for citizens' needs for more than 6 months. He stressed that if there is a global increase in the prices of any commodity, ...