Pakistan Business Forum’s (PBF’s) Balochistan Region vice chairperson Sana Durrani demanded that the authorities pass on the benefit of palm oil price reduction in the international market to domestic consumers.

The vanaspati ghee manufacturing companies increased the prices on the pretext of the high cost of palm oil in the international market, she said in a statement, available with WealthPK. She regretted that the benefit was not passed on to consumers despite 50pc reduction in the price of palm oil.

Regarding the price breakup during the last couple of months, she said, “In the international market, the price of palm oil reached 3,541 Malaysian ringgit. The price exceeded 7,200 Malaysian ringgit at the end of April. During six months, the price has decreased by 50pc.”

In April, she said, the price of Malaysian palm oil remained at the level of $1,600 per ton, while in the first week of September, the price fell to $786 dollars per ton. “The price of edible oil at local level could not be reduced and consumers are forced to buy expensive edible oil as top brands are selling it at more than Rs550 per liter and other brands are selling at up to Rs450 per liter,” she said.

She demanded that the impact of the slowdown in the international market should be passed on to the local retail market. She said Pakistan is facing billions of rupees losses due to floods and it’s the responsibility of businessmen to assist the government and people affected by the calamity.

Credit : Independent News Pakistan-WealthPk