Morocco cancels customs duty on oilseeds

Morocco has canceled customs duty on oilseeds and other ingredients used for table oil in order to deal with skyrocketing prices.

The decision was announced by the government spokesman Mustapha Baitas following the weekly cabinet meeting Thursday.

The decision aims to alleviate the financial burden on households as the price of cooking oil is set to increase due to disruptions in the global supply chains.

The war in Ukraine and sanctions on Russian exports, two key exporters of sunflower and colza, meant little oilseeds were available in the international markets.

Many countries, notably in Europe, are now turning to Soya leading to an exponential surge in prices.

Morocco imports most of the key ingredients for making table oil. 85% of cooking oil used in Morocco is sourced from Soya.