• Sun. Jun 4th, 2023

Government issues final warning to cooking oil companies

May 2, 2022

Government has once again warned all cooking oil retailers and suppliers that drastic action will be taken to those that are still adamant not to reduce their prices.

Ministry of Trade and Industry said working in collaboration with the Competition and Fair Trading Commission (CFTC), it has been observed that since the removal of  16.5 percent Value-Added Tax (VAT), some suppliers and retailers have still not yet reduced their prices.

Minister of Trade and Industry Mark Katsonga Phiri has signed the statement dated 29th April, 2022.

The Minister said Government expected that by now, all the cooking oil suppliers should have ceased and desisted from charging VAT on the said cooking oil as directed by the Ministry of Finance.

“By copy of this Notice, all consumers across the country are hereby advised to report with immediate effect all the suppliers that have not yet reduced the prices to the Ministry of Trade and Industry for the Ministry’s urgent action,” reads part of the statement.

Recently, the Trade minister warned cooking oil manufacturers to stop sabotaging Chakwera’s government.

Minister of Trade and Industry, Mark Katsonga gave the cooking oil industry players as one example of those trying to sabotage government with their high prices.

Katsonga insisted that the raw materials for cooking oil are very cheap that the current prices are not justifiable.

“If these traders are not willing to reduce their prices by 1st April, government will have no other option but to give more licenses to local individuals to start importing raw materials from outside and do the same business,” said Katsonga.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.