Cooking Oil prices go down

By Malawi Exclusive

Ministry of Trade in conjunction with Malawi cooking oil companies have announced reduction of cooking oil prices to make them most affordable.

The price reduction follows several meetings which Government and cooking oil componies have been conducting since 24th February, 2022 till 5th May, 2022 and several communication exchanges in between.

The Ministry in collaboration with Competition and Fair Trading
Commission (CFTC) will be conducting regular inspections, and Government has warned to take action against all traders that are still charging VAT on
cooking oil or engaging in price gouging.

The Ministry has warned all unscrupulous traders to immediately cease and desist from this malpractice and ensure that cooking oil is sold at the above agreed recommended prices.

In a statement which Minister of trade and industry Mark Katsonga Phiri signed, these minimum prices are with immediate effect.

Government has warned that there will be maximum supervision in order to ensure compliance.

“The Ministry in collaboration with Competition and Fair Trading
Commission (CFTC) will be conducting regular inspections, and will take action against all traders that are still charging VAT on cooking oil or engaging in price gouging,” reads the statement.

According to the minister the move follows removal of 16.5 % Value added tax on cooking oil products.

The Ministry has further issued stern warning to all unscrupulous
traders to immediately cease and desist from this malpractice and
ensure that cooking oil is sold at the above agreed recommended
prices.

Consumers and the general public have since been charged with a duty of playing wathdog role and report any aspects of price gouging and unfair trading practice to the Ministry and CFTC Offices.

In the price tag, a 500 mililitres bottle will now be at K1,695 with a 5 litre bottle selling at K17, 500.