PVMA hikes ghee and oil prices
Ghee and cooking oil prices have surged by Rs 40 to 50 per kilogram across the country, further straining inflation-burdened consumers. This increase follows a sharp rise in global palm oil prices. Chairman of the Vanaspati Manufacturers Association, Umar Rehan Sheikh, stated that in the last two months, palm oil prices in the international market have spiked from USD 900 to USD 1,200 per ton.
He explained that this rise is directly affecting local prices, and the upward trend may continue. Rehan noted that to provide relief to consumers, the government has been urged to reduce the tax on cooking oil and ghee. Currently, the government is imposing a tax of 100 rupees per kilogram on these products. In a meeting with the finance minister, the association also appealed for a tax reduction to ease the financial burden on the public. He further mentioned that Pakistan annually imports 3.2 million tons of palm oil, while the national demand is 4.5 million tons. Rehan stressed that reducing import taxes and levies is essential to meet local demand and provide some relief to consumers struggling with high inflation.
