Ahmed El Rakaibi, manager of the Food Industries Holding Company, believes that the price of oil will rise as more countries resort to burning crops for energy as an alternative for fossil fuels. He also stated that the rise will be of up to 25 piasters this month. This will be the second time the price goes up in less than a month. Egypt produces approximately 100,000 tons of food oil every year. El Rekaibi asked the minister of agriculture, Amin Abaza to expand the country's oil producing crops to be able to deal with the rising prices of oil on the international stock market. He also added that the holding company subsidises farmers with LE300 for every tones of soya beans produced. He pointed out that the Upper Egyptian governorates are the best suited for oil producing crops but many farmers opt to farm other crops due to the rising price of land. However, El Reikaibi insisted that most factories have enough oil in storage to last for two months and after it runs out, oil will be sold for just enough profit to keep the factories in operation. The increases in the price of oil on the international stock market could affect the prices of other products, including soap.
