Trade Minister Says Cooking Oil Price Hike ‘a global problem’

Minister of Trade Sosten Gwengwe says the reduction of COVID-19 pandemic cases in other developing countries has contributed to the rise of cooking oil prices.

Speaking in the August house, Gwengwe challenged people to google for prices in neighbouring countries like Zambia and Tanzania.

He said the prices are uniform with slight variations.

“Zambian government tried to remove the VAT as a solution but it has failed as prices are still going up,” said Gwengwe.

He then urged companies to continues using local products like soya by not relying on imported oil which has proved to be very expensive.

He said prices of crude cooking oil has gone up globally hence affecting poor countries.

Asked if the Government ponders removing VAT, Gwengwe said issues of tax are not within his line Ministry and clarified to say soya produced in the country has not been exported to other countries thus giving a competitive advantage to local firms to use the soya for refining the cooking oil.

Recently there has been an outcry saying cooking oil prices have skyrocketed beyond the reach of many Malawians.