KARACHI: Despite 70 percent decline in edible oil prices in the international market, Pakistan edible oil and ghee prices were slashed by 10 percent only.
Karachi Retail Grocers Group said that the current year international market palm oil price was seen peaked at $1340 per ton, however, the impacts of the persistent fall in the prices of petroleum products and grains were also seen on the palm oil. Presently, palm oil price plummeting by 70 percent stood at $350 per ton, while the branded companies in the country have thus far reduced the prices of edible oil by mere 10 percent. Branded edible oil and ghee currently were selling at Rs125 per kilo down from Rs140, said the Retail Grocers Group.
The government and the manufacturers in a meeting had fixed edible oil and ghee price Rs84 per kilo, but the local market in blatant defiance of the decision selling the same at higher prices.