Refiners reduce edible oil prices by Tk 4 per litre to Tk 149 thedailystar.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedailystar.net Daily Mail and Mail on Sunday newspapers.
Ghee, cooking oil prices to increase from July 1
June 28, 2021
LAHORE:The prices of ghee and cooking oil will increase up to Rs18 per kilogram/litre from July 1 due to the budgetary taxation measures made by the government through finance bill.
Pakistan Vanaspati Manufacturers Association (PVMA) on Sunday declared the prices of different brands would jump from Rs13 to Rs18 per kilogram/litre depending on their respective retail prices in the market.
PVMA Chairman Abdul Waheed stated that the local currency depreciated by Rs5 against US dollar while taxes to the tune of Rs18 per kg had been imposed in the budget. As a result of rupee depreciation against the US dollar and taxation measures, the prices of ghee and cooking will not reduce in the near future.
Ghee, oil will become more expensive from July 1 geo.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from geo.tv Daily Mail and Mail on Sunday newspapers.
The 5 per cent regulatory duty imposed on the import of rapeseed may cause the price of mustard oil to shoot up and go beyond the purchasing power of consumers, millers said.
The hike will affect the consumers at a time when low and middle-income people are already struggling to afford soybean oil, whose price has gone up five times in the last five months, and other essential items.
While placing the budget for 2021-22 in parliament on June 3, Finance Minister AHM Mustafa Kamal imposed the regulatory duty on the import of rapeseed or mustard seed.
The import duty on oil cake, a feed that is produced during the extraction of mustard and sunflower oil, has been cut, a move that will hurt the domestic industry, said millers.
The price of soybean oil goes up again in the country today, with each litre to be sold for Tk 153, up from the previous price of Tk 144 set barely two weeks ago. With this latest hike, the price of the essential cooking ingredient has gone up five times in the last five months. The price of each litre of bottled soybean oil has soared by Tk 38 (33 percent) since December 30