The edible oil prices are likely to surge amid the shortage of supply from the importing countries.
As per the shared details, Pakistan Vanaspati Manufacturers Association (PVMA) shared, a sharp increase in the demand for Malaysian and Singaporean palm oil has caused a jump in international prices of the commodity, which would ultimately impact Pakistan, as the country meets 90pc of its edible oil requirements through imports.
For avoiding a further increase in the price of vegetable oil and ghee, the association has suggested the government revisit its duty structure on import of edible oil.
PVMA Chairman Sheikh Abdul Waheed feared that in case the government avoids immediate intervention, the price of the greatly consumed kitchen item may go up significantly in the next couple of months, especially during the holy month of Ramzan.
According to sources, a meeting is expected to be held in the coming days between Industries and Production Minister Hammad Azhar and the PVMA to devise a strategy for a short-term solution to the issue.