Edible oil prices are likely to surge soon because of a shortage of supply from foreign countries.
According to information, Pakistan fulfills 90% of its edible oil demand by importing from countries like Malaysia and Singapore. The two countries are renowned for producing world-class palm oil, and this has recently caused a surge in demand from countries across the world.
To balance the trade, it is likely that these two countries may increase the prices of the product, resulting in fewer imports, followed by less supply in Pakistan’s market.
In order to avoid this shortage or an increased price, Pakistan Vanaspati Manufacturers Association (PVMA) has requested the government to revise the taxes on imports edible oil.
It is also said that if necessary steps are not taken on time, things could get worse and prices may skyrocket, making the oil a unique item in the market.
It is also to be remembered that by the time the association is expecting a surge in prices of edible oil, the holy month of Ramadan would be among us, which may then put the government in tough situations.