Pakistan Economy Watch (PEW) on Friday asked the government to take note of exploitation by some industrialists in the edible oil sector and take action to provide relief to the masses facing runaway inflation. The prices of all types of edible oils have reduced up to 25 percent in the international market due to fall in demand in China, one of the world’s biggest market, but the Pakistani industry continue to earn unreasonable profits at the cost of masses, it said.
A 10 to 15pc cut in the prices of all types cooking oil has been witnessed around the world but the situation in Pakistan is otherwise due to profiteering backed by the lax administrative control, said Chairman Brig. Muhammad Aslam Khan (R). He said that the edible oil industry in other countries have reduced prices substantially and announced possibility of further cuts in the days to come but the situation remained unchanged at home.