A spike in global market prices prompted the Ministry of Industry, Trade and Supply to cap retail vegetable oil prices, with immediate effect. In a statement, the ministry listed the maximum retail prices as follows: 1.3 litres cooking oil bottle will be sold at JD2.5, 1.5 litres at JD2.8, 1.6 litres JD3, 1.8 litres JD3.5, 3 litres JD5.75, 3.5 litres JD6.25, 4 litres JD7, 4.5 litres JD7.75, 5 litres JD8.75, 7 litres JD13, 8 litres JD14.5 and 9 litres JD15.
It also set a maximum price of JD16.5 for a bottle of 10 litres of cooking oil, JD18 for 11 litres, JD20 for 12 litres, JD23 for 14 litres and JD29 for 18 litres. The decision came after a meeting between the private and corporate sectors as well as importers and producers of vegetable oils, who pledged to sell at cost price “during this period.”
The meeting tackled the impact of the global increase in vegetable oil prices and sought to ensure they remain stable in the local market and relieve “the burden on citizens,” according to the statement. It says the decision prohibits oil sales above the set limits, while allowing sales at lower prices to maintain competitiveness on the local market.