Ghee, cooking oil prices likely to go up ahead of Ramadan

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram expressed concerns over the potential increase in prices of ghee and cooking oil ahead of Ramadan.

Atif Ikram said the clearance of edible oil imports is being delayed, resulting in importers being forced to pay demurrage charges amounting to millions of dollars. This delay is causing a significant increase in the cost of ghee and cooking oil, which will ultimately be borne by consumers.

The FPCCI president said that the clearance process for edible oil is extremely slow, leading to customs and other issues that are causing delays of up to 10 days. He warned that if the situation does not improve before Ramadan, edible oil prices will rise significantly.

Atif Ikram mentioned that the demurrage charges are being paid in dollars, which is adding to the cost of ghee and cooking oil. He said that the government needs to take immediate action to address this issue.

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To resolve this matter, the FPCCI president said that he will meet with the Minister of Finance, Chairman FBR, and other relevant authorities next week to discuss possible solutions.

Earlier last year, the prices of ghee and cooking oil increased up to Rs30 per kg in Pakistan.

The price of cooking oil went up from Rs 530 to Rs 560 after an increase of Rs 30 whereas the rate of ghee reached Rs 550.

The Market dealers stated that the price of Karachi branded ghee has reached Rs 500 with staggering hike of Rs 120 in last one month.