Govt to ensure Rs50/kg reduction in cooking oil prices

ISLAMABAD: The government has decided to provide tax relief on edible oil to bring the prices of cooking oil and ghee down by Rs40 to Rs50/kg, a senior official said on Wednesday.

Addressing a press conference Minister for Finance and Revenue Shaukat Tarin said: “After providing tax relief we will ensure the price reduction in cooking oil and ghee by Rs40 to Rs50/kg.”

The finance minister said despite a big increase in the international prices of palm oil by over 50 per cent, the government is looking to decrease the prices to provide maximum relief to the masses.

In the international market, the price of palm oil increased to $1,136/tonne from $760/tonne, while in Pakistan, the prices of cooking oil increased 33 per cent.

Tarin, flanked by Minister of State for Information Farrukh Habib and Special Assistant to Prime Minister on National Food Security and Research Jamshed Iqbal Cheema, said that the food inflation had witnessed a big jump in across the world during the last couple of years, which was the highest in over four decades.

The food inflation in the country slowed down during the last two to three months, as the urban and rural food inflation in July was 15 per cent and 17 per cent, respectively, which decreased to 9.1 per cent and 10 per cent, respectively.