The Ministry of Trade has announced minimum and maximum prices for various brands of cooking oil following the removal of 16.5 percent Value Added Tax (VAT) on the commodity.
In a statement released yesterday, Minister of Trade Mark Katsonga said the prices have been set following agreement reached during interface meetings with cooking oil producers held on February 26 and May 5.
According to Katsonga, the minimum price of 2 litres of Kukoma Cooking Oil is K5,638 while the maximum price is K5,935.
For Mulawe, the minimum price is K5,250 while maximum price is 5,526.
The cheapest brand is SoyaRich with 2 litres going at a minimum price of K4,463 and a maximum price of K4,698.
The minister has since warned traders against charging VAT on cooking oil or engaging in price gouging, saying action will be taken against such traders.
“The Ministry is issuing a stern warning to all unscrupulous traders to immediately cease and desist from this malpractice and ensure that cooking oil is sold above agreed recommended prices,” said Katsonga.