Edible Oil in Pakistan Still Expensive Despite Massive Drop in International Prices

International edible oil prices have halved over the last few months, but its effects are yet to be seen in the local market. International palm oil prices dropped significantly from around $1,600 a ton in April to between $980 and $1,000 (a drop of $800) in the last few months, but it remains unimplemented in Pakistan. The top A-grade brands are currently selling oil, which was previously priced at around Rs. 600, at Rs. 570 per kg, which is only a decrease from Rs. 10 to Rs. 50 per kg. Likewise, the B-grade brands have only dropped their prices by Rs. 100 per kg, taking the overall price from Rs. 580 to Rs. 480. However, the non-branded and ‘khulla’ cooking oils and ghees are being sold at around Rs. 450 per kg. Local citizens are urging the authorities to ensure that the decrease in international prices reaches the local consumers just as fast as the price hikes do. Taking note of the injustice, the Vice Chairperson of the Pakistan Business Forum (PBF) Balochistan region, Sana Durrani, issued a statement on Tuesday, stating that the international 50 percent price drop for palm oil, has not been passed on to local consumers. She called for the impact of the slowdown in the international market to be passed on to the local retail market. “As a result of the floods, Pakistan is facing billions of rupees in agriculture and structural losses, and it is the responsibility of the business community to assist the government and people affected by the calamity,” Durrani stressed.