Join on WhatsApp
Join on Telegram
Rabat – After increasing by nearly 100% in price, cooking oil prices are set to edge down in the course of the coming days, according to Morocco’s Trade and Industry Minister, Ryad Mezzour.
Speaking on Saturday in Casablanca, Mezzour explained that “manufacturers have made extremely important efforts on their margins and processes to reduce and modify their cost structures,” adding that he expects prices to drop “in the coming days.”
The statement was made on the sidelines of the minister’s visit to the plant of one of Morocco’s leading cooking oil producer, Lesieur Cristal.
“Data shows that we are entering a phase of price easing, thanks to the efforts made by both private operators and the state,” the minister said.
He also reassured citizens that the supply of cooking oil in the local market remains stable.
For his part, the Director General of Lesieur Cristal, Brahim Laroui noted that his company is preparing ahead of the month of Ramadan, to ensure the market is well supplied.
Laroui echoes Mezzour’s statement in saying that cooking oil prices will soon return to normal with a sufficient stock of cooking oil.
At the height of the COVID-19 pandemic, cooking oil prices reached historic high levels going from an average of MAD 50-70 ($5-7) for a unit of five litters to over MAD 100 ($10).
The dramatic rise in cooking oil prices was the direct result of the shortage of raw materials and the disruption to the global supply chain that sent seed prices skyrocketing.
Read Also: Morocco’s Cooking Oil Brand Lesieur Cristal Announces Price Cuts
