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

Published 2024년 10월 7일

Tridge summary

The food commodities market in Egypt is stable due to the stable dollar exchange rate, according to Hazem El-Menoufi, a member of the General Division of Foodstuffs. He refuted claims of a global increase in cooking oil prices and stated that traders would not increase prices as it would decrease demand and affect their profit cycle. There is a substantial stock of cooking oil in factories and importers' warehouses, enough to last for more than half a year. El-Menoufi suggested that any global price changes should be applied consistently across importing countries to ensure fair dealing. Additionally, soybean oil prices in the local market have risen by 10% this week, and El-Menoufi urged the government to oversee the pricing mechanisms to prevent market disruption.

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Original content

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, ...

Source: Almalnews