The Ministry of Trade and Industry in collaboration with the Competition and Fair Trading Commission (CFTC), has called on all cooking oil suppliers to reduce prices following the removal of 16.5 Value Added Tax (VAT) by government.

This has been communicated through a press statement signed by the Minister of Trade and Industry, Mark Katsonga Phiri.

A statement by the ministry said it has observed with concern that since the removal of VAT by government as duly gazetted, the suppliers of edible cooking oil across the country have not followed suit to reduce their prices by the VAT percentage.

Reads part of the statement: “The developments come as a surprise as the same suppliers acted with speed to increase their prices when the government introduced VAT on the same products in November 2020.”

The ministry has further with much concern that since the seating of parliament in February 2022 during which it was announced that government was removing VAT on edible cooking oil, the same suppliers reacted by the prices by a margin of about 50% within two months.

The statement further said the ministry together with CFTC have dispatched teams to all cooking oil outlets in the country to conduct inspections, and take action against all traders that are still charging VAT on cooking oil.

The Ministry has therefore warned that together with CFTC will not hesitate to issue relevant penalties where traders are found taking advantage of consumers and violating their rights as provided under the law.

In conclusion, the statement has urged the public to report any trader who fails to comply with the directive.