Tuesday, January 31, 2023
HomeBusinessMalawi's cooking oil manufacturers, suppliers say "No" to prices reduction

Malawi’s cooking oil manufacturers, suppliers say “No” to prices reduction

LILONGWE-(MaraviPost)-Cooking oil manufacturers have refused to reduce the product prices despite President Lazarus Chakwera’s Tonse government removal of 16.5% Value Added Tax (VAT).

Malawians were expecting that the item’s prices will go down following passing of 2022/2023 Fiscal plan that showed removal of VAT.

Cooking oil prices still high despite 16.5% VAT removal

But weeks after Tonse government announced the removal of VAT on cooking oil including passing the national budget the commodity’s price has even tripled.

The Maravi Post spot check from Friday, April 1 till Sunday, April 3, 2022 has established that the prices are still the same on the market and even more high than before.

Currently, 1 litre is pegged at MK3, 925.00, while 2 litre costs MK7,945.00 and 5 litre hovers MK18,496.00

Cooking Oil manufacturers who spoke to this publication on condition of anonymity revealed that they have never discussed the reduction issue with government.

The manufacturers have hinted that VAT removal has nothing to do with cooking oil price increases

Ministry of finance spokesperson Taurai Banda has declined to comment on matter on several attempts.

This publication’s earlier articles revealed that Malawi ran out of raw materials as manufacturers are importing heavily.

But Tonse government spokesperson Gospel Kazako was adamant that VAT was recipe for cooking oil high prices.

Kazako even threatened to establish state agency manning cooking oil.

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Lloyd M’bwana
Lloyd M’bwanahttps://www.maravipost.com
I'm a Lilongwe University of Agriculture and Natural Resource (LUANAR)'s Environmental Science graduate (Malawi) and UK's ICM Journalism and Media studies scholar. I have been The Malawi Country Manager and duty editor for the Maravi Post for the past Three Years. My duty editor’s job is to ensure that the news is covered properly, that it is delivered on time, and that it is created to the standards set out in the editorial guidelines of the Maravi Post. I also decide most of what the user will or will not see. And those users will be clicking on the website expecting to see what their trusted news. Organisation has to say on an issue. I started as a senior Reporter with the Maravi Post over a 6 years ago. When I have time, I do field reporting as well.

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