Al Moselhi added that this happened due to the decline in the price of the dollar against the pound in the unofficial market.
Cooking oil prices in Egypt decreased by about 20%, to reach EGP 80 per 0.8 liter bottle, down from EGP 100, Minister of Supply and Internal Trade, Ali Al Moselhi, stated in a cabinet’s press conference.
Al Moselhi added that this happened due to the decline in the price of the dollar against the pound in the unofficial market.
He announced that the prices of food commodities are expected to decrease in the coming weeks by up to 25%.
Within the framework of the government's instructions to control market prices, Egyptian companies producing strategic food commodities started documenting the final prices on the products from the first of March 2024 , according to sources cited by Asharq Bloomberg.
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.
In February, Prime Minister, Mostafa Madbouly directs a plan to gradually release goods in customs with priority to food commodities, medicines, and feed. This directive was given during a meeting on Sunday to monitor the provision of necessary financing in foreign currency for strategic goods and medicines.
Cabinet Spokesperson Mohamed El Hommosani explained that the meeting reviewed some reports that monitor the total food commodities, medicines, and fodder in customs, where it was noted that the total currently in stock is worth about $1.3 billion.
