Govt to bring down cooking oil price by Rs 40-50 per kg: Finance Minister

Sep 22, 2021: Minister for Finance and Revenue Shaukat Tarin Wednesday said the government had decided to provide tax relief in edible oil to bring the prices of cooking oil and ghee down by Rs 40 to Rs 50 per kg.

“After providing tax relief we will ensure the price reduction in cooking oil and ghee by Rs 40 to Rs 50 per kg,” he said while addressing a press conference flanked by Minister of state for Information Farrukh Habib and Special Assistant to the Prime Minister on National Food Security and Research Jamshed Iqbal Cheema.

The minister said despite a big increase in international prices of palm oil by over 50%, the government was looking to decrease the prices to provide maximum relief to the masses.

He said in international market, the price of palm oil increased from $760 per MT to $1136 per MT now, while in Pakistan the prices of cooking oil increased by 33%.

The minister said food inflation had witnessed a big jump across the world during last couple of years which was the highest in over 4 decades.

Tarin said food inflation in the country slowed down during previous 2,3 months as the urban and rural food inflation in July was 15% and 17% which had been decreased to 9.1% and 10% respectively.

APP