Egypt: Oil prices fell due to the state's intervention to control the markets

Published 2023년 6월 10일

Tridge summary

The article highlights a decrease in the prices of corn and soybean oils in the Egyptian market, with a ton of corn oil now costing 50 thousand pounds and soybean oil 44 thousand pounds. Despite a drop in crude oil prices, which should typically impact oil prices, producers have not yet reduced their prices, prompting questions about when consumers will benefit. Hazem Al-Menoufy, Head of the Foodstuffs and Grocery Division at the Alexandria Chamber of Commerce, has called for producers to lower their prices to boost demand, noting that the current stagnation in the market is due to state intervention to control prices.

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Original content

Hazem Al-Menoufy, Head of the Foodstuffs and Grocery Division at the Alexandria Chamber of Commerce, said that the prices of oils have witnessed a significant decrease in the recent period, as the price of a ton of corn oil reached 50 thousand pounds, and soybean oil reached 44 thousand pounds, and this raises a question: When will the citizen feel this decline? ? Al-Menofi added, in a telephone interview to the “Manshet” program with the journalist Jaber Al-Qarmouti, via CBC: “So far, the producers have not reduced the prices of oils, and this is shocking, despite the decrease in crude oil prices, and the citizen must feel this decline in the coming period.” The head of the Food and Grocery Division at the Alexandria Chamber of Commerce continued: "The market is currently witnessing a stagnation, and it is in our interest that there be a decrease in prices so that there is a demand for products," noting ...

Source: Youm7