KARACHI – Cooking became more expensive as prices of several commodities including cooking oil, ghee and even flour moved up amid increase in Palm Oil Rates.
The prices of ghee and cooking oil jumped by Rs40-50 per kilogram in Pakistan in late October. The price hike is mainly due to a significant increase in palm oil prices in the international market, which have surged by $300 per ton.
In the last two months, palm oil prices soared from $900 dollars to 1200 dollars per ton. Amid escalation, the cost of essential cooking items is expected to continue rising.
To bring some relief, cooking oil manufacturers are seeking help from government to cut taxes on these products to alleviate the burden on consumers. As of now, the government is charging Rs100 per kilogram on ghee and oil.
Manufacturera also appealed to Finance Minister for tax relief as South Asian nation imports approximately 3.2 million tons of palm oil annually, while the national demand stands at 4.5 million tons.
Consumers are urged to brace for further increases as the global market continues to impact local prices.
