Rédaction Africa Links 24 with Esther FOSSI
Published on 2024-03-28 10:21:53
According to Luc Magloire Mbarga Atangana, Minister of Trade, the new price will be applied starting from March 28, 2024.
In a statement signed by the Minister of Trade on March 26, 2024, it was announced that Oleo oil has revised its prices downwards. Luc Magloire Atangana announced in his statement to consumers that “as of March 28, 2024, the retail price of a 25 L can of refined OLEO oil will experience a new decrease, dropping from 31,000 to 27,700 CFA francs, which is a price of 1,108 CFA francs per liter. This represents, after the previous decrease recorded in December 2023, a new substantial decrease compared to the officially approved price, which is 1,500 CFA francs per liter.”
Another statement dated March 27, addressing the same subject, announces the decrease in the price of Mayor refined oil. According to the Minister of Trade, the decrease is applicable from Wednesday, March 27, 2024. “The retail price of a 20 L can of extra refined Mayor oil” is 22,000 CFA francs, which is 1,100 CFA francs per liter, compared to 25,500 CFA francs, the price in force since December 2023.
In 2023, Novia Industries, a subsidiary of the Prometal Group, which markets refined palm oil under the brand “Oleo,” as well as the soaps “Uno” and “Jazz,” and owned by businessman Hayssam El Jammal, announced an increase in its social capital from 7.5 billion to 10 billion CFA francs in order to better address the market.
This cost reduction comes at a time when Cameroon has been fighting for years to remove non-traceable vegetable oils from the markets. These are products unsuitable for consumption and destructive to the socio-economic ecosystem of this sector, which invests over 700 billion CFA francs and generates more than 60,000 direct jobs throughout the country.
Read the original article(French) on Journal du Cameroun
