Consumers across Pakistan are facing another price hike as ghee and cooking oil costs have surged by Rs 40 to 50 per kilogram. The increase comes in response to a sharp rise in global palm oil prices, further burdening inflation-stricken households.
Umar Rehan Sheikh, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), explained that international palm oil prices have soared from USD 900 to USD 1,200 per ton in just two months, driving up local prices. He warned that this upward trend could persist unless immediate action is taken.
In an effort to provide some relief, Rehan highlighted that the association has urged the government to reduce taxes on cooking oil and ghee. Currently, a tax of Rs 100 per kilogram is being levied on these essential products. During a recent meeting with the finance minister, PVMA appealed for a reduction in these taxes to help alleviate the financial pressure on consumers.
Pakistan imports 3.2 million tons of palm oil annually to meet a national demand of 4.5 million tons. Rehan emphasized the importance of cutting import taxes and levies to address the shortfall and ease the strain on consumers facing high inflation.
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