INCREASE IN COOKING OIL PRICES ATTRIBUTED TO RE-ESTABLISHMENT OF VAT ON IMPORTED EDIBLE OILS

By Lukundo Nankamba

The Crushers and Edible Oil Refiners Association-CEDORA- says the recent increase in cooking oil prices on the market is due to the re-establishment of value added tax –VAT- on imported edible oils which came into effect on 1st January 2022.

During the last quarter of 2021, a 5 litre of various cooking oil brands was selling between K170 and K200 but now selling between K230 and

K265.

A check on the current retail prices reveals that the current market prices are based on imports and distribution of edible oils in which the price increase will increase by 16% because vat is now payable.

CEDORA Director Aubrey Chibumba has told Phoenix News that it is expected that the price will keep increasing by more than 20% and has urged consumers to brace themselves for this change.

PHOENIX NEWS

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