The rising cost of living has taken another hit as the prices of cooking oil and ghee have surged significantly in recent weeks.
Reports indicate that these essential commodities have jumped by Rs40 to Rs50 per kilogram, primarily due to a steep increase in palm oil prices on the international market.
In just two months, palm oil prices have escalated from $900 to $1,200 per ton, marking a staggering rise of $300. This dramatic surge is attributed to various global market dynamics, compelling local manufacturers to reconsider pricing strategies in light of the increasing costs of raw materials.
On the other hand, manufacturers are seeking tax reductions, currently pegged at Rs100 per kilogram for ghee and oil, as they strive to maintain affordability in the face of rising expenses.
Pakistan, which imports approximately 3.2 million tons of palm oil annually to meet a national demand of 4.5 million tons, is particularly vulnerable to fluctuations in global prices.
