Govt Urges Swift Action on Cooking Oil Cartel Probe

The government has directed the Competition Commission of Pakistan (CCP) to expedite its investigation into suspected cartelization in the vegetable ghee and cooking oil industries, as authorities intensify efforts to stabilize food prices nationwide. The issue was raised during a recent meeting of the National Price Monitoring Committee (NPMC), which reviewed trends in food prices and discussed measures to ensure the affordability of essential items. The Finance Division was tasked with supporting the CCP in expediting its probe and submitting findings to the NPMC as soon as possible. The CCP told committee members that its inquiry into cartel-like practices in the sector is ongoing and a report will be shared upon completion. The meeting, chaired by Minister for Planning Ahsan Iqbal, also called for a coordinated plan by the Ministry of National Food Security, Ministry of Industries, and provincial governments to ensure stable prices for essential food items before and during Ramazan. In addition, the State Bank of Pakistan (SBP) will present a detailed report at the next meeting on loan disbursements to farmers in flood-affected areas, including district-wise data and a breakdown of farm and non-farm credit. To address storage and supply issues, the Ministry of Industries & Production was directed to develop a plan, in consultation with stakeholders, to encourage private-sector investment in cold storage facilities for essential food items. The Islamabad Capital Territory (ICT) administration will also brief the committee on the widening gap between wholesale and retail prices for key commodities, outlining causes and potential solutions. During the meeting, the chief statistician presented an analysis of inflation trends, the impact of recent floods on food prices, and the wholesale-retail price differential. While prices for staples such as wheat flour, rice, pulses, and beef remained stable, the committee noted continued volatility in lentils, soybean oil, wheat, sugar, DAP fertilizer, and urea.