Cooking oil prices have stabilised in the wake of improved production levels as manufacturers are accessing foreign currency for raw materials from the central bank’s auction system.
The firms have since June this year managed to access hard cash required to sustain operations in the face of limited availability of locally produced soya bean.
Information from the Oil Expressors Association of Zimbabwe shows that the auction system has rescued the firms from viability challenges.
The president of the Association, Busisa Moyo says the foreign currency component has stabilised prices of the commodity while avoiding shortages.
“Indeed we are taking part and this has seen production volumes increasing so in the long term we hope for the best,”.
The cooking oil sector is, however, in talks with regulatory authorities over increased production of soya bean to reduce imports.
Agriculture experts say Zimbabwe requires about 220 000 metric tonnes of soya bean annually for food, feed and other industries.
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