LAHORE: The Punjab government has reduces the prices of cooking oil rates as the prices of Palm oil decreased in the international market.
The Punjab government declared Rs15 per litre reduction in the rates of ghee and cooking oil to shift the benefit of a marked fall in international prices of palm oil from manufacturers to the public.
The prices were imposed by Punjab government as even after various appeals from Government, the Vanapasti Ghee Mills Association had not reduced the prices.
Officials claimed the manufacturers and sellers of these two items were earning Rs4 billion a month over and above their normal profit. The order would transfer the benefit of this windfall to people.
Copies of the gazette notification of the order were sent to all district coordination officers (DCOs) for strict enforcement.
The representatives of the Pakistan Vanaspati Ghee Mills Association were repeatedly asked to voluntarily reduce the prices. The association in a letter on Feb 28 admitted that “as per its market survey, indeed the prices of ghee fluctuates in the range of Rs135 to Rs185, which in any way is not defensible being unjustified”.
It is pertinent to mention that Crude palm oil prices fell by 0.64% to Rs 446.80 per 10 kg in futures market as participants offloaded positions amid a weak trend at spot market on subdued demand.
However, estimates of lower supplies from major producing belts, capped the fall.
At the Multi Commodity Exchange, crude palm oil for delivery in April moved down by Rs 2.90, or 0.64% to Rs 446.80 per 10 kg in a business turnover of 41 lots.
