The government of Pakistan has pushed up cooking oil prices by Rs213 to an all-time high of Rs 605 per litre.
Pakistan’s Utility Stores Corporation (USC) said the new price has become effective from Wednesday, said Dawn.
According to Pakistan Vanaspati Manufacturers Association (PVMA) Secretary-General Umer Islam Khan, a task force committee on the supply of palm oil is holding daily zoom meetings to analyse the demand and supply situation of palm oil.
He said around 160,000 tonnes of palm oil stocks are available at the twin ports of Karachi which are sufficient for three weeks of consumption. Despite the lifting of an export ban by Indonesia on palm oil on May 23, not a single loaded vessel had been on the high seas or at Indonesia port for shipments to Pakistan.
However, the PVMA had requested the government to remove a 2.0 per cent additional customs duty on the import of palm oil from Malaysia to offset the high cost of Malaysian palm oil which is costlier by 15-20 per cent compared to Indonesia’s.
Around 87 per cent of Pakistan’s total palm oil imports originate from Indonesia and the rest is met from Malaysia.