International Prices of dible Oil Hiked Local Costs of Ghee

KARACHI: The unpredictable worldwide prices of edible oil have driven up local costs of ghee/vegetable in the country, and a sliding scale is needed to link the pricing of ghee in local markets with the international markets, according to a senior government official.

Finance and Revenue Minister Shaukat Tarin, who presided over a meeting of the National Price Monitoring Committee (NPMC) at the Finance Division, instructed the Federal Board of Revenue (FBR) to devise a plan to have a meaningful influence on the pricing of ghee/edible oil in domestic markets.

Taking stock of the Sensitive Price Indicator (SPI) weekly estimation, Tarin implored a member of the Pakistan Bureau of Statistics (PBS) to revisit its methodology and expand coverage by including the footprint of Saasta/Itwar Bazaars in major cities, where ascending pressure on food prices is absorbed through the provision of food goods at subsidized price.

The PBS does not currently cover the considerable price difference between wholesale and retail pricing in Saasta Sahulat Bazaars.

As Pakistan is a net importer of basic food products such as wheat, sugar, and ghee, according to Finance Secretary Yusuf Khan, an increase in international food costs is influencing domestic pricing.

According to him, the international price increase is attributable to a drop in global food production and strong consumer demand, as well as supply chain interruptions caused by the Covid-19 pandemic.

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