Cooking Oil Companies To Reduce Prices

Players in the cooking oil industry have expressed commitment to reduce prices of the commodity effective 1st April this year.

It follows government’s removal of the 16.5 percent Value Added Tax on cooking oil in the 2022-2023 national budget.

The Trade and Industry Ministry had also an interface with the cooking oil manufacturing companies over the same.

A statement from the Ministry says if the prices of the commodity continue to escalate, government will allow more importation of cooking oil to stabilize the prices on the market.

It also pledges to create a platform that will allow more engagements with concerned parties in order to appreciate the challenges in the sector for necessary policy interventions.

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