Cooking oil prices to reduce by 20 percent
Written by MillenniumEditor2 on June 2, 2021
Crushers and Edible oil Refiners association says the importation of the nine thousand metric tons of edible oils will see a reduction in cooking oil prices of about 20 percent.
This follows government’s decision to also suspend all value addition tax on imported crude edible oils.
5 liters of cooking oil is currently selling at not less than K245.
But speaking during a joint press briefing with the National Traders of Edible oil Association, Crushers and Edible oil Refiners Association chairperson Aubrey Chibumba says with the measures being put in place by Government and various stakeholders , prices of cooking oil on the market are expected to reduce.
Dr Chibumba says the reduction is subject to global a trend which has seen a raise in cooking oil and the stability of the foreign exchange rate.
Meanwhile National Traders of Edible oil of Association national president Slyvester Kaluwa says the importation of the edible oils will affect the local industries.
Mr Kaluwa says the importation of the oils will only complement the capacity for local industries to meet the local demand.