Egypt: Crude oil prices jump in markets due to global rise

Published 2024년 10월 13일

Tridge summary

The article highlights a significant increase in the local prices of Olein oil, a common frying oil used in restaurants, with the price per kilo rising by 8 pounds to 60 pounds within a week. This price hike is largely due to global increases in the cost of Olein oil, which is mainly imported for Egypt's domestic use, as the country relies on imports for over 87% of its oil consumption. Despite these rises, major local producers like Arma and Sofoula, who manufacture Crystal and Afia brands, have not yet adjusted their prices. The article also touches on the role of local companies in the production and import of edible oils in Egypt, a process that involves various stages of production and importation of oil from seeds to the finished product.

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Original content

Written by_Dina Khaled: Hazem El-Menoufi, a member of the Foodstuffs Division of the Alexandria Chamber of Commerce, said that the prices of crude oil have witnessed successive increases in the local market, especially for the "Olein" type, which is used for frying in restaurants. El-Menoufi added to Masrawy that the price of a kilo of Olein oil has risen to 60 pounds today, compared to 52 pounds last Thursday, an increase of about 8 pounds. El-Menoufi attributed the rise in the prices of Olein oil to the increase in its prices globally, as we depend on importing most of our oil needs from abroad. Al-Manoufi confirmed that Arma and Sofoula, the producers of Crystal and Afia, have not raised prices yet. Olein oil is a derivative of palm oil, the most popular and widely produced and consumed vegetable oil in the world. Egypt imports more than 87% of its oil consumption from abroad, at different production stages, ranging from importing seeds, pressing and refining them, importing ...

Source: EGmasrawy