Ghee and Cooking Oil Prices Are Increasing in July

The prices of ghee and cooking oil are likely to increase because of the taxes imposed in the budget (2021-22). The Pakistan Vanaspati Manufacturers Association (PVMA) said that the prices may jump by as much as Rs. 18 per kg from 1 July 2021 onwards. ALSO READ Roshan Digital Accounts Received $1.5 Billion Inflows in Last 10 Months The Chairman of the PVMA, Abdul Waheed, said that the prices of different brands of ghee and cooking oil may increase by Rs. 13 to Rs. 18, depending on their retail prices. He said that while the Pakistani Rupee has deteriorated by nearly Rs. 5 against the US Dollar, taxes have also been imposed on oil and ghee products, which is why price reductions are not likely in the near future. ALSO READ Pakistan to Adopt Bottom-Up Approach for Growth: Shaukat Tarin Waheed added that the government is already getting the region’s highest tax on ghee and cooking oil, which is approximately Rs. 90. He also recommended that the additional sales tax should be abolished to allow the stability of the prices of essential food items. Abdul Waheed said that the Minister of Finance’s concluding speech on the budget revealed that the taxes on important food items have been abolished, but the taxes on ghee and cooking oil have been maintained, which is a discriminatory decision.