Local cooking oil producers have started selling their products to retailers at prices 25% higher than January prices, attributing the increase to the FX crunch, as they import raw cooking oil, refine and package the cooking oil before selling it in the market. A number of local producers, including Savola(2050.SE) and Arma Group, have notified the retailer with the new price increase and have submitted orders with the new pricing; raising prices from EGP195-203/carton for the 12 litre, from EGP160-264, according to the grocery division head at the Cairo Chamber of Commerce. According to the Ministry of Agricultural statistics, Egypt’s annual consumption of cooking oil comes at 1.8 million tonnes, 95% of which is imported and 150k tonnes are locally produced. Consumer selling prices rose at a softer pace, as sunflower oil increased to EGP14.25-14.5, from EGP13.25-13 and corn oil to EGP17.25-17.75 from EGP15,  Mohammed Shoukry, Chairman of the Chamber of Food Industries, was quoted as saying that local banks had failed to supply producers with their foreign currency needs, despite the CBE prioritising hard currency allocation for essential commodities. Accordingly, producers have resorted to the parallel market to cover their needs. (Al Mal)   Savola: SAR40.17 as of 27 April 2016, Rating: Buy, FV: SAR70.00 per share, MCap: USD5,720 million, SAVOLA AB / 2050.SE