KARACHI – Cooking Oil price in Pakistan are increasing rapidly due to the growing global palm oil prices. As a result cooking oil, ghee, and even flour rates are rising in Pakistan.
In late October, ghee and cooking oil price in Pakistan rose by Rs40-50 per kilogram, mainly because of a $ 300-ton increase in international palm oil rates.
Over the past two months, palm oil prices climbed from $900 to $1,200 per ton, and this trend could lead to further price increases for cooking essentials.
To ease the burden on consumers, cooking oil producers are asking the government to lower taxes on these products, which are currently taxed at Rs100 per kilogram. They have also appealed to the Finance Minister, as Pakistan imports about 3.2 million tons of palm oil each year, while national demand is 4.5 million tons.
Consumers should prepare for possible further price increases as global market conditions continue to influence local costs.
