Finance Minister expresses his concern over rising prices of edible oil

News Image

MG News | August 24, 2021 at 09:26 AM GMT+05:00

0:00

August 24, 2021: Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, held a meeting with a delegation of Pakistan Vanaspati Manufacturers Association (PVMA).

Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, SAPM on Finance and Revenue Dr. Waqar Masood, Secretary M/o Industries and Production, Chairman FBR and other senior officers participated in the meeting.

While welcoming the Chairman PVMA, the Finance Minister expressed his concern over the rise in the prices of edible oil/ghee in domestic markets over the period of time.

The Chairman PVMA briefed the Finance Minister about the international hike in prices of palm and soyabean oils particularly during ongoing COVID-19 pandemic. The international prices kept fluctuating between the range of $1100 – 1257 per ton and the domestic market drives rates from the prevailing international prices and the dollar value. The exchange rate also has a significant impact on edible oil prices in the country, he added.

While taking stock of the situation, the Finance Minister urged PVMA to adopt market-based solutions and bring down prices in the domestic market in line with the international price trend. If there is a slight dip in the international market, it must be reflected in the domestic prices so that the consumers get relief amid highly fluctuating edible oil market.

The Finance Minister stressed the need to evaluate the whole situation rationally and urged PVMA to come up with sustainable pricing mechanism in collaboration with the Ministry of Industries & Production and FBR.

The Finance Minister directed Chairman FBR to assure expeditious disbursement of refunds to the importers of vegetable ghee/oil to ensure availability of funds. Besides, he constituted a committee comprising representatives of PVMA, Secretary M/o Industries and Production and Chairman FBR to workout arrangement for streamlining collection of sales tax and a predictable pricing formula.

The Chairman PVMA assured full cooperation in providing maximum relief to the domestic consumers by absorbing international pressure on prices in the edible oil sector.

Press Release

Related News

Name Price/Vol %Chg/NChg
KSE100 135,376.97
74.93M
0.80%
1077.21
ALLSHR 84,626.24
317.68M
0.72%
608.07
KSE30 41,134.93
35.20M
0.79%
320.64
KMI30 193,484.65
36.97M
0.47%
895.49
KMIALLSHR 56,340.58
142.94M
0.48%
268.33
BKTi 37,488.09
6.40M
1.40%
516.35
OGTi 28,256.86
1.63M
0.06%
16.58
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 122,310.00 122,945.00
118,675.00
3780.00
3.19%
BRENT CRUDE 70.47 70.86
70.36
0.11
0.16%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.54 68.95
68.41
0.09
0.13%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 14, 2025 at 10:46 AM GMT+05:00

Bitcoin overtakes Amazon in global asset rankings


July 14, 2025 at 10:24 AM GMT+05:00

Bitcoin surges past $121,000 for first time


July 14, 2025 at 10:00 AM GMT+05:00

Dewan Cement installs 6 MW solar energy system


July 14, 2025 at 09:39 AM GMT+05:00

Petrol prices likely to rise by Rs3–5 from July 16


July 14, 2025 at 09:26 AM GMT+05:00

Indus Motor Company



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg