Cooking oil prices likely to go up

Cooking oil prices likely to go up

The prices of cooking oil are projected to rise this month due to the significant inflationary pressure brought on by Pakistan’s fragile financial situation. As reported by ARY news.

According to details, in order to support local manufacturing and businesses, Finance Minister Ishaq Dar has decided to levy an extra duty on imported edible oil.

Cooking oil imports will be subject to a 5% regulatory fee in total; currently, edible oil is subject to a 17 percent sales tax and an additional two percent import duty.

On the other hand, at the local level, the cost of 40 kg of edible oil will be fixed at 7,000 Pakistani rupees.

However, this increase in the price of cooking oil will only affect those who use imported cooking oil. Those who use locally produced cooking oil won’t be affected at all.

Read More: Prices of pulses increased by up to 15% as flash floods damaged crops

It should be highlighted that the top exporters, Russia and Ukraine, aggressively offered the oil to reduce their stockpiles. The reduction might lead Indian and European consumers to buy more sunflower oil in the upcoming months while buying less soy oil, which could have an impact on the price of that product.

Since Russia’s invasion of Ukraine hampered supplies from the Black Sea region, sunoil has been selling at a premium to soyoil for the whole of 2022.

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