CAIRO - 30 May 2021: Supply and Internal Trade Minister Mohamed Moselhi said on Sunday the country's strategic stockpile of cooking oil is sufficient for five months.
During a meeting with representatives, manufacturers and importers of cooking oil, Moselhi said there are sufficient quantities of cooking oil whether raw materials or bottled ones.
Board Chairman of the Holding Company for Food Industries Ahmed Hassanein and deputy chairman of the General Authority of Supply Commodities Ahmed Youssef attended the meeting.
Moselhi added that the Egyptian market secures its needs of cooking oil by importing raw materials from abroad.
From December 2020 till May 2021, oil prices worldwide have been on the rise due to the increase in raw material prices until it hit 21,500 pounds per ton, he said.
According to a report by the General Authority of Supply Commodities on contracts made during the above mentioned period, price of locally-produced crude soybean oil increased from 13,920 pounds per ton to 19,265 pounds while the price of imported crude soybean oil soared from 860 dollars to 1,263 dollars.
The minister denied any shortage in providing needed bottled or crude cooking oil in markets, saying the ministry is monitoring the distribution of such a strategic commodity to avoid any manipulation by traders.