After the additional reduction, the minister confirmed that the starting price for a 1-liter bottle of mixed oil in the markets is now EGP 65.
Minister of Supply and Internal Trade, Ali Al Moselhi, announced that oil cooking prices decreased by 14% on Saturday, in addition to previous reductions, bringing the total reductions on the oil commodity to 36%.
After the additional reduction, the minister confirmed that the starting price for a 1-liter bottle of mixed oil in the markets is now EGP 65.
Al Moselhi stressed that there is an increase in the supply of basic goods after the recent customs releases, which exceeded $8 billion.
Earlier in March, he announced that cooking oil prices in Egypt decreased by about 20%, reaching EGP 80 per 0.8-liter bottle, down from EGP 100.
Recently in December, Minister Al Moselhi issued a decision controlling the trading of 7 strategic commodities, obligating companies and establishments to write down the final selling price of products and goods to the consumer, including taxes and financial burdens.
The decision includes seven strategic commodities: rice, pasta, dairy, oils, beans, sugar, and some types of cheese.
In a meeting held by Prime Minister, Mostafa Madbouly, to control markets and commodity prices in December, the Cabinet decided that is mandatory to print prices on all commodities manufactured in any factory.
This decision came to prevent excessive price increases caused by intermediaries between producers and consumers.
