Sunday, February 5, 2023

Cooking oil prices likely to go up

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ISLAMABAD: Amid high inflationary pressure due to unstable financial condition of Pakistan, the prices of cooking oil are likely to increase this month.

According to details, Finance Minister Ishaq Dar has decided to impose an additional duty on imported edible oil to promote local production and companies.

A Total of five percent regulatory duty will be imposed on imported cooking oil, edible oil is currently subject to a two percent additional import duty and a 17 percent sales tax.

On the other hand, the price of 40 kg of edible oil at the local level will be fixed at 7 thousand PKR.

However, this inflation of cooking oil will only burden the people using imported cooking oil, meanwhile, it won’t make any difference to the people using local production.

It may be noted here that leading exporters Ukraine and Russia were aggressively offering the oil to bring down their stocks. The discount could prompt Indian and European buyers to increase purchases of sunflower oil in the coming months and reduce buying of soyoil, which could weigh on its prices.

Sunoil was trading at a premium over soyoil for most of 2022 after Russia’s invasion of Ukraine disrupted supplies from the Black Sea region.

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