Pakistan: Edible oil prices at all-time high

ISLAMABAD: Due to increase in palm oil prices in the international market and the reduction in quota of Pakistan by producer country Malaysia, the prices of branded ghee hit all time high of Rs 140 per Kg on Monday here.

“The rate of palm oil in international market has drastically increased, and now the rate at Karachi has increased from Rs 2050 to Rs 2160 per 16 kg ex-factory rate, the consumers would get one kg of branded oil at around Rs 140 to Rs 150, Javed Islam sheikh, Director ACP ghee mills told Daily Times.
Ismail khan of Hafiz Iqbal ghee mills said that his factory ex-price of 16 kg oil was Rs 2100. Explaining the reasons he said that Malaysia has started making fuel-diesel from palm oil and has cut its exports by 50 percent. Suggesting the solution he said that government is charging 20 percent tax along with Rs 9100 / per tonne duty. He suggested that government must withdraw either duty or tax to relieve the general public.

Declaring price hike of oil, a serious issue, Muhammad Ijaz Abbasi, President Islamabad Chamber of Commerce, said, “unfortunately we are not able to produce palm oil in the country and are importing it from Malaysia.”

“Increase in oil prices, petrol, and diesel would collectively increase inflation by 2 to 3 percent”, Abbasi said.

Abbasi said that price of commodities has been increased in last one week and this new increase in petrol, diesel, electricity and oil prices would ultimately hit the lower class and daily wages people of the country.

Daily Times