Rabat – Morocco’s government adopted a decree on Thursday, June 2 to suspend import duties on sunflower, soybean, and rapeseed oil seeds.
The lifting of duties will come into effect starting June 3, and aims to protect citizens’ purchasing power in the face of rising global prices of various essential goods.
The decision was announced by Government Spokesperson Mustapha Baitas during a press conference on Tuesday.
Imported raw materials such as seeds make up 98% of local cooking oil production in Morocco, meaning the decision should help bring down consumer prices noticeably.
According to the Food and Agriculture Organization of the United Nations (FAO), oilseed production in Morocco has been on the decline since the 1990s, explaining the significant need for imported products in oil production.
The majority of sunflower seed production for example is dedicated to consumption as foodstuff, rather than being crushed for oil.
Since a global price hike on various products began earlier this year, Morocco’s government has put in place various subsidies as a stopgap measure of sorts in order to protect customers’ purchasing power.
In addition to oil seeds, grains and gas are also being subsidized.
Ukraine and Russia are collectively responsible for a huge chunk of the world’s supply of these essential products, meaning the war between the two has caused already rising prices to go up dramatically.
Food security has become a growing concern in the region following these developments, with regional and international figures pointing out that they’re already impacting vulnerable countries in Africa and the Middle East.
India, following a decision to suspend international wheat exports, said it would boost exports to North Africa instead, in an effort to mitigate these effects.
Read also: India’s Wheat Exports Ban Sends Global Wheat Prices Soaring More
