Cooking oil prices to drop
Written by Mafken FM Newsroom on 3 June 2021
WITH the prices looking to escalate further, Government has decided to act by suspending all import duties and value added tax (VAT) on imported crude edible oil, which is the main raw material in the manufacturing of local cooking oil.
The intervention is expected to reduce or at least prevent a hike in prices of cooking oil, which has been fetching between K235 and K250 for a five-litre container.
Crushers and Edible Oil Refiners Association (CEDORA) chairman Aubrey Chibumba said yesterday that with the measures Government has put in place, prices of cooking oil should reduce by about 20 percent.
“Two-thirds of the cooking oil consumed in Zambia is produced from imported crude edible oil,” Dr Chibumba said at a briefing yesterday.
