High cost of soya beans expected to impact cooking oil prices

The high cost of soya beans in the market is expected to increase prices of cooking oil, according to the Crushers and Edible Oil Refinery Association (CEDORA).

The association, through its Executive Director, Aubrey Chibumba, has predicted that the prices for the commodity will go up by 15 and 20 percent.

Chibumba explained to journalists on Monday that this was because commercial farmers were selling the commodity at over US$600 a tonne.

He noted that this had made it difficult for the refined oil manufacturing industry to purchase more soya beans for them to increase production.

“The increase in fuel pump prices, coupled with load shedding and the depreciation of the Kwacha has also had a negative impact of the production of refined oil,” Chibumba said.

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