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Notwithstanding the failure of frantic efforts of the PPP-led coalition government for reversing the steeply rising trend in prices of essential commodities, it may derive some consolation from the success in prevailing upon producers of Vanaspati ghee and edible oil to cut prices by Rs 5 per kilogram, at a meeting in Islamabad on the eve of Jumaat-ul-Wida, with an indication of further reduction in the days to come.
The decision, as revealed by the Secretary, Ministry of Industries and Production, after a meeting with the All Pakistan Vanaspati Manufacturers Association (APVMA) and All Pakistan Solvent Extractors Association (APSEA), chaired by the Advisor to Prime Minister on Industries and Production, which was convened in the wake of a declining trend in the palm oil prices in the international market.
Significantly, the Industries Ministry told the APVMA that the impact of this declining trend was not visible anywhere in the domestic market. But APVMA did not take it lying down, for they did have enough reasons of their own to resist the move for prompt reduction in prices. It is, however, another matter that their arguments failed to cut much ice.
Of course, they are reported to have conceded that prices of palm oil in the international market had declined, but not without presenting the counter arguments such as increase in the input cost of production, and devaluation of Pakistani rupee against dollar, from 62 to 78.
However, it was eventually decided to reduce prices of Vanaspati and edible oil of all brands by Rs 5 per kilo across the board, as also applying to prevailing prices at the Utility Stores towards the end of Ramazan would at least, amount to a saving grace for the government in so far as its policy of Ramazan relief Package is concerned. Again, hoping that falling international prices would further help in reducing the prices of Vanaspati and edible oil, another meeting with the APVMA would be held in two weeks time in order to extend more relief to the harassed consumers.

Copyright Business Recorder, 2008

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