• Country to have further reduction in cooking oil prices.
• Procurement of cooking oil made
• Cooking oil to take 15 days to arrive in the country
National Traders of Edible Oils Association has anticipated a further reduction in cooking oil prices once the second consignment of cooking oil arrives in the country.
Speaking in an interview with Money FM News, Association President Sylvester Kaluwe said that the procurement of cooking oil from Middle East, Dar es salaam and South Africa has already made and it will arrive in the country in 15 days.
Mr. Kaluwe said the country will see a further reduction of cooking oil prices because the one that will be imported will be selling below the already reduced prices of the commodity in the country.
“Our Cooking oil from Middle East and Dar es salaam will arrive in the country in 15 days while the one coming from South Africa will arrive within 6 days,” he said
Mr. Kaluwe noted that the reduction of cooking oil prices in the country was necessitated by the 16 percent suspension of Value Added Tax (VAT) by Government of locally processed cooking oil.
“Sunfoil cooking oil was selling at k366 now it’s 314 but once we bring in our imports it will be further reduced,” he said.
He added that the association has not faced any challenges in the procurement of cooking oil from foreign countries except from the long process that they need to undergo before buying the cooking oil.
Recently there has been a slight reduction of cooking oil prices with most brands of 5 liters selling below K200.