Price Of Cooking Oil To Reduce By 20 Percent

By Prudence Siabana

 

The National Traders of Edible Oils Association and the Crushers and Edible Oil Refiners Association-CEDORA- have disclosed that the government’s decision to allow the importation of 9000 metric tonnes of crude edible oil will see a reduction in prices on the local market by 20 percent.

This follows the suspension of all import duties and value-added tax on imported crude oil which is the main raw material in the manufacturing of local cooking oil.

Speaking during a joint press briefing in Lusaka today, national traders of edible oils

association national president Silvester Kaluwe assured that the imported refined cooking oil will not negatively affect the local industries.

Mr. Kaluwe further says the development will also promote competition among importers as it will allow association-approved importers to source the edible oil that meets the international standards from any country of choice.

Speaking earlier, CEDORA Chairman Aubrey Chibumba added that despite the measures taken by the government to cushion the prices of cooking oil, the reduction is subject to global trends and the stability of the exchange rate.

 

PHOENIX FM NEWS

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