ISLAMABAD: Pakistan Economy Watch (PEW) on Thursday asked the government to take note of exploitation by some industrialists in the edible oil sector and take action to provide relief to the masses facing runaway inflation.
The prices of all types of edible oils have reduced up to 25 percent in the international market due to fall in demand in China, one of the world’s biggest market, but the Pakistani industry continue to earn unreasonable profits at the cost of masses, it said.
A 10 to 15 percent cut in the prices of all types cooking oil has been witnessed around the world but the situation in Pakistan is otherwise due to profiteering backed by the lax administrative control, said Chairman Brig. Muhammad Aslam Khan (Retd).
He said that the edible oil industry in other countries have reduced prices substantially and announced possibility of further cuts in the days to come but the situation remained unchanged at home.
Brig. Muhammad Aslam Khan said that some less known brands have reduced prices of their products but not as much as required while some known brands have not reduced prices to give the benefit of reduced prices in the international market to the masses which should be noticed.
He said that the Malaysian palm oil exports have dwindled by 13 percent in February as compared to January and the prices will fall further if the trend continued which should be used to provide relief to the masses facing unprecedented inflation.
Indonesia used to export 19 percent of its total palm oil production to China which is now in tatters, he informed.
Its not only the palm oil but the prices of mustard oil, soya bean oil, sunflower oil, olive oil etc. have also slipped on reduced demand and coronavirus concerns, he said.
