KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President, Atif Ikram, has raised concerns over a possible increase in ghee and cooking oil prices ahead of Ramadan.
He attributed this potential price hike to delays in the clearance of edible oil imports, which are forcing importers to pay millions of dollars in demurrage charges. These added costs will ultimately impact consumers.
Ikram highlighted that the clearance process for edible oil is sluggish, causing customs-related delays of up to 10 days. If the situation is not addressed soon, prices may surge significantly before Ramadan. He also emphasized that demurrage charges, paid in dollars, are further driving up costs.
To find a solution, the FPCCI president plans to meet with the Finance Minister, Chairman of the Federal Board of Revenue (FBR), and other officials next week.
Last year, ghee and cooking oil prices in Pakistan rose by up to Rs30 per kg. The price of cooking oil increased from Rs530 to Rs560, while ghee reached Rs550 per kg. Market dealers also noted that Karachi-branded ghee saw a steep hike of Rs120 within a month, reaching Rs500 per kg.
