23 Hrs
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بوابة الشروق
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Food oil prices rise amid dollar hike
Food oil companies have increased their product prices in the local market by 1,500 EGP per ton during the current week, due to the rise in the US dollar exchange rate against the Egyptian pound to nearly 52.25 EGP, which has led to higher import costs. The price of bulk oil has risen to around 69,000 EGP from 67,500 EGP a week earlier, and the prices of bottled oils have also increased significantly. The price of an 800 ml bottle has reached 75 EGP, while the prices of Arma and Saffola bottles now range between 70 and 85 EGP, reflecting an increase of over 21%. This rise is driven by geopolitical tensions affecting currency values and global costs. Since Egypt imports more than 95% of its oil needs, fluctuations in the exchange rate have a direct impact on the final product prices.
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