The Shehbaz Sharif-government on Tuesday pushed up edible ghee and cooking oil rates by an unprecedented Rs. 208 per kg and Rs. 213 per liter respectively.
The whooping jump took ghee and edible oil’s per kg price to an all-time high of Rs. 555 and Rs. 605, respectively. The prices have been increased at the Utility Stores as well throughout the country. A Utility Stores Corporation official confirmed that the corporation has already issued a notification about the increase in edible ghee and oil prices, effective June 1. The official, however, did not comment on the abrupt price hike which would hit the consumers badly.
Ghee and cooking oil of several well-known brands is still being sold between Rs540-560 per kg/liter at various stores. But the Secretary-General of Pakistan Vanaspati Manufacturers Association (PVMA), Umer Islam Khan said that the retail prices of edible ghee and oil would be soon revised at retail stores as well. He also revealed that PVMA has stopped giving the products on credit to the Utility Stores Corporation as USC is yet to clear outstanding Rs2-3 billion to the manufacturers.
The PVMA secretary-general further told that the Prime Minister Task Force Committee on Supply of Palm Oil, which includes PVMA office-bearers as well as officials of relevant ministries, has been holding virtual meetings on daily basis to analyze the demand and supply situation of palm oil in the country.
Around 160,000 tonnes of palm oil stocks are available at the ports of Karachi which are sufficient for three weeks of consumption, said Umar. Despite the lifting of an export ban by Indonesia on palm oil on May 23, not a single loaded vessel had been on the high seas or at Indonesia port for shipments to Pakistan, he added further.
Around 87% of Pakistan’s total palm oil imports originate from Indonesia and the rest is met from Malaysia.