New year, new regulations: Blended oil, fava beans, rice, milk,sugar, pasta, and white cheese are now designated as strategic commodities following a decision issued by Prime Minister Mostafa Madbouly, according to a cabinet statement on Saturday. It is now prohibited to withhold these commodities from the market in an effort to tackle hoarding and price gouging. The decision will be enforced for a 6-month period or until further notice, the statement read.

MRPs? The maximum retail price (MRP) will also be printed on the seven newly designated strategic commodities, according to a separate decree from the Supply Ministry issued on Sunday. Producers, importers, suppliers, and packaging companies are also now required to issue sales invoices when dealing in these commodities that state the MRP, factory price, quantity, and production date of the product.

Already paying off? Rice prices have started declining immediately after the Madbouly’s decision to stamp rice as a strategic commodity, with prices per ton reportedly seeing between EGP 200-700 drops, Al Borsa reports, citing several sources from the industry.

Remember: Commodities such as sugar and onions saw their prices soar amid supply shortages near the end of last year, which the government said was driven by the ongoing FX shortage and hoarding.

ALSO- GASC scraps wheat tender: GASC canceled an international wheat tender held on Thursday, Reuters reported. The state grain buyer gave no reason for the cancellation, but traders believe that the prices offered were too high. GASC also reportedly scrapped a rice tender it had awarded last month to an Indian company to buy 60k tonnes of Indian rice for USD 600 a ton because of the high price tag, a Supply Ministry source told Al Borsa.

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