Egypt lifts price of subsidised vegetable oils – ministry

Egypt lifts price of subsidised vegetable oils – ministry

CAIRO - Egypt has raised the price of subsidised vegetable oils by 23.5% to 21 Egyptian pounds ($1.34) per one litre bottle following global price increases in raw materials, the Supply Ministry said on Sunday. The ministry said that global markets for raw oil had recently seen a "notable increase" and that a committee would be formed to review prices every three months. Egypt imports about 95% of its oil needs, it said in a statement. A one-litre bottle of blended soybean and sunflower oil available to Egyptians who qualify for subsidies previously cost 17 pounds per bottle. More than 60 million of Egypt's 100 million population qualify for the programme which also includes bread, rice, and other staple goods. Egypt's strategic supplies of vegetable oils were sufficient to last five months, the supply ministry said. ($1 = 15.6300 Egyptian pounds) (Reporting by Nadine Awadalla Writing by Aidan Lewis; Editing by Kirsten Donovan) (([email protected]; +20-1001174410;))