DIVERSIFED agro-processor United
Refineries Limited (URL) has admitted to inadequate stocks of cooking oil and laundry soap citing limited access to key raw materials due to shortage of foreign currency.

The supply gap has seen retailers increase price of cooking oil beyond the recommended level of $3,50 for a 2-litre bottle to about $8, 99. In e-mailed responses to Business Chronicle URL chief executive officer, Mr Busisa Moyo, who is also president of the Oil Expressers
Association of Zimbabwe, said raw material supply gaps were crippling local industry viability.

He said for URL to effectively respond to the shortage in the market, the company requires up to $3 million in foreign currency.
“We do not have adequate stocks of cooking oil and laundry soap at present as letters of credit have been fewer in this last quarter than in all the quarters of the year. The company requires $3m in foreign currency once local oil seeds have been used up. Local oil seeds are used up within 1-2 months during the year,” he said.Chronicle