LAHORE: Ghee manufacturers and cooking oil importers have decided to increase prices of their products by at least Rs12 per kg, citing increasing rates of edible oil in the international market.

Pakistan Vanaspati Manufacturers Association chairman Tariqullah Sufi said price of edible oil in the world market had surged by $50 per tonne over the last couple of weeks. This increase and the rising freight charges would definitely reflect in retail prices of local ghee and cooking oil products in the country, he added.

Mr Sufi said that his association had informed the federal government in writing about the rising edible oil prices in the international market and urged it to reduce duties and taxes on the import of these products in the country just as India had done to save end-consumers from the massive rise in prices of the two commodities.

He, however, lamented that no step had so far been taken by the government in this regard as smuggled Iranian cooking oil and unchecked tax-free import for Fata/Pata areas were making local ghee units uncompetitive.

The PVMA chief hinted at shortage of ghee and cooking oil in the country, adding that the inventory of the two products was not at a satisfactory level at present as compared to the same period last year because importers had been abstaining from placing their import orders due to volatility in the global markets.

Published in Dawn, February 18th, 2022

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.