11 Hrs
Source:
الموجز
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Egypt cooking oil prices rise 1,500 EGP
Food oil prices in Egypt have risen significantly during the current week due to the exchange rate increase of the US dollar against the Egyptian pound. The price of a ton of bulk oil increased from 67,500 to 69,000 Egyptian pounds, a rise of 1,500 pounds. Additionally, the retail price of oil bottles has gone up, especially for popular sizes; for example, an 800 ml bottle now costs approximately 75 pounds, compared to previous prices ranging between 72 and 73 pounds. Since March, companies Arma and Saffola have not changed their packaging prices, even as the price of premium vegetable oil per liter increased from 70 to 85 pounds, and their 700 ml bottles rose to 65 pounds. Egypt relies on importing over 95% of its food oils, and the rise in the dollar’s exchange rate increases import costs, which is reflected in the final product prices. The edible oil market is directly affected by fluctuations in both global and local exchange rates, and it is expected that the impact of dollar volatility on oil prices will continue in the coming period.
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