Inflation & Soybean Producer Price Behind The Cooking Oil Price Hike - OEAZ

Oil Expressers Association of Zimbabwe (OEAZ) president Busisa Moyo while speaking to the Business time said high production costs and inflation were behind the cooking oil price hike.

Speaking to the publication Moyo said:

The recent movement of the exchange rate has an impact to additives prices which also went up,

However, cooking oil capacity utilisation jumped from around 10% to over 20% since last month and Moyo reportedly said the country’s soybean production in Zimbabwe went down 20% this year from 60 000 to 40 000 which according to Moyo is enough to cater for the country’s production for 2 months.

More: Business Times