Lahore: Pakistan Vanaspati Manufacturers Association (PVMA) on Sunday announced an immediate reduction in prices of ghee and cooking oil to provide some relief to masses. Central Chairman of PVMA Sheikh Abdul Waheed has directed all ghee and cooking oil producers to reduce prices immediately, so that the masses could get some relief.

The move will substantially reduce burden on the masses as annual production of commodity stands at 4.5 million tonnes. According to details, the price of palm oil appreciated in the international market by the beginning of this year which also hiked prices of ghee and cooking oil in Pakistan that are now being sold at Rs300 to Rs350 per kilogram.

The increased prices of this essential food item was putting pressure on buying power of masses which prompted Chairman Waheed to write letters to Prime Minister Imran Khan requesting a relief. He also held meetings with Finance Minister Shaukat Tarin, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Chairman FBR and other top officials.

Prices of ghee, cooking oil likely to rise

Waheed convinced the top government functionaries that reduction in taxes will provide relief to the masses and his efforts resulted in a waiver of three percent Sales Tax on this industry.

FBR has issued a notification in this regard which is to be implemented with immediate effect. As this move has reduced the cost of production of ghee and cooking oil; therefore, the PVMA decided to pass relief to the masses without any delay.

Chairman Waheed has thanked the PM, Tarin, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar and Chairman FBR for their cooperation which has resulted in relief to the masses.

Copyright Business Recorder, 2021