The prices of edible oil are likely to increase in the country by Rs13 to Rs18 from July 1. The main reason for this increase is the new taxes on these edible oils in the Finance Bill 2021-22.
The Pakistan Vanaspati Manufacturers Association (PVMA) has written a letter to Prime Minister Imran Khan and Finance Minister Shuakat Tarin and informed them about this probable price hike.
The letter said that if the taxes were not withdrawn, the prices of ghee and other types of edible oil would increase from July 1.
These proposals from PVMA were also presented to the finance committee, which had directed the association to resolve the matter with finance ministry officials.
However, the meeting with the finance secretary ended with no result which prompted the association to write a letter to PM Imran Khan and Finance Minister Shaukat Tarin.
Not so long ago, Shaukat Tarin had directed the industries and production ministry to hold talks with edible oil and ghee manufacturers and to make sure that that decline in international prices of is transferred to the common man.
The finance minister said this while chairing the meeting of the National Price Monitoring Committee (NPMC). The per kilogram and per litre price of branded ghee and cooking oil respectively are between Rs320 and 330, while that of unbranded category range from Rs270 and Rs320.