Edible oil prices hiked by Rs 213

The edible oil prices were raised by Rs 213 to an all-time high, although “these rates do not yet exist in retail markets.”

An official of the Utility Stores Corporation (USC) in Karachi confirmed that the USC had issued a notification of this sharp increase in ghee and cooking oil prices starting on 1 June.

The official, however, did not comment on why the rates had been raised so pitilessly that would hurt consumers gravely.

The maximum prices of ghee and cooking oil of well-known brands in retail markets still fluctuate between 540-560, Rs540 per kg/liter.

However, the Pakistan Vanaspati Manufacturers Association (PVMA) Secretary-General Umer Islam Khan suggested that the retail rates of ghee and cooking oil would soon be on an equal footing with USC prices.

He said ghee/baking oil manufacturers stopped giving the products on credit to the USC and that the corporation had not offset Rs2-3 billion outstanding to the manufacturers.

He said that about 160,000 tonnes of palm oil stocks are available in the twin ports of Karachi which are enough for three weeks of consumption.

In spite of Indonesia’s lifting of its ban on palm oil exports on 23 May, no ship loaded had been on the high seas or at the Indonesian port for expeditions to Pakistan.

About 87% of Pakistan’s total palm oil imports originate from Indonesia and the remainder from Malaysia.