Rs13 to Rs18/kg hike in oil, ghee prices looms

Though the government announced its fiscal budget with much fanfare with a resolve not to push inflation any further, but hardly two weeks have gone by, the prices of essential commodities have started showing an inflationary trend as there is Rs13 to Rs18 per kg hike expected in the prices of edible oil and ghee from July 1, reported 24NewsHD TV channel.

Sources told News24 on Friday that increase in ghee prices was due to new taxes suggested in the finance bill 2021/22. 

The Pakistan Vinaspati Manufacturers Association (PVMA) has already informed Prime Minister Imran Khan and Finance Minister Shaukat Tarin regarding the hike in oil and ghee prices through a letter. 

The association in its letter said if the taxes were not withdrawn then the Vinaspati manufacturers body would raise the prices of oil and ghee by Rs 13 to Rs 18 from July 1. The body warned that common people would be affected by the proposed hike. 

The PVMA had already brought this issue before the finance committee. The finance committee asked the PVMA to resolve the issue in its talks with finance ministry. However, the PVMA’s meeting with the secretary finance remained unproductive. After this, the Vinaspati manufacturers body wrote a letter to the prime minister and finance minister.