Cooking oil stockpiles in Pakistan hit record high, traders facing storage woes

November 07, 2023 (MLN): The edible oil reserves in Pakistan have risen to an unprecedented level of about 500,000 tons, and traders are now facing storage constraints, Abdul Rasheed Jan Mohammed, former chairman of  Pakistan Edible Oil Refiners Association said during the industry conference in Bali. 

"Resultantly, there is a huge disparity between local prices and landed costs of imported edible oils," he added. 

In order to bring back the parity, there is a need to increase the price or reduction in the supply of edible oil in the international market.

There is potential for demand for soft oils to improve during the winter, as palm oil is less preferred during colder months, according to Bloomberg. 

Malaysian palm oil prices are seen trading between 3,600 ringgit and 3,900 ringgit a ton until January; they may climb higher until March, it added. 

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