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10-40% decline in vegetable oil prices- Haj Tawfiq

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(File Photo: AFP)
AMMAN— Chairman of Amman Chamber of Commerce, Khalil Al-Haj Tawfiq, on Friday said that vegetable oils prices decreased by 10-40 percent, due to the "regression of prices globally," according to Al-Mamlaka TV.اضافة اعلان

Haj Tawfiq explained that vegetable oils were “mostly affected by the price decline in global markets," noting that "the highest percentage of decline was in palm oil and the lowest was in corn, followed by soybean oil and the sunflower.”

 Palm oil prices declined by about 40 percent, according to Haj Tawfiq, who drew attention to the fact that "the citizen has seen a decrease (in prices) for a period of more than a month."

 

He added that the decline in the vegetable oils’ prices in global markets "immediately reflected on the local market," and considered that "most factories and traders today are losing millions in oils because the stock is set at old prices... in addition the stagnation in the market, the lack of liquidity and intense competition are in the interest of the consumer."

 

He also indicated that "the situation is more reassuring than before, and the current stage in which food reached record, unreasonable, and illogical numbers, , will not be witnessed in the coming days unless there are changes in the issue of war, political decisions and the unreasonable rise of oil prices."

 

Haj Tawfiq also touched on the decline in wheat prices after allowing it to be exported from Ukraine and Russia.

 

For Haj Tawfiq, sales in Jordan "declined during the past three months, which is unprecedented in the food sector."

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