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ISLAMABAD: Ghee and cooking oil are among the most consumed food items in Pakistan and their prices have seen an increase in recent weeks as global prices have seen a significant surge.
As per the details, the prices of oil and ghee surged by Rs40-50 per kilogram due to the increase in Palm Oil rates in the international market, which have surged by $300 per ton. In the last two months, palm oil prices jumped from $900 to $1200 per ton.
Pakistan Vanaspati Manufacturers Association (PVMA) Chairman Sheikh Umer Rehan said the government charges an average of Rs9,500 per tonne as customs duty on the import of palm oil and palm olein.
From imports to sale stages, the tax incidence comes to Rs100 per kg/litre in ghee and cooking oil, of which Rs60 is general sales tax.
As the prices surged, cooking oil manufacturers and dealers requested the government to cut taxes on these products to alleviate the burden on consumers.
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