KARACHI – Mian Nasser Hyatt Maggo, President FPCCI, has expressed his profound concerns over surging and unbearable food inflation in the country; and, the resultant unrest among the masses. He added that edible oil prices are one of the biggest contributors to the skyrocketing food inflation in the country. This pattern of food inflation is unsustainable for any country of the world and the governments should act decisively to control the inflation in the national interest, he added.
FPCCI Chief said that if the government withdraws Custom Duty of Rs. 9,180 per ton, 17% FED, 2% Additional Customs Duty, 5-6% Adjusted Sales Tax after value addition and 2% Income Tax only for 6 months, the edible oil prices will come down by up to 25-30% immediately and there will be the considerable downward balancing effect on overall food inflation as well.
Mr. Nasir Khan, VP FPCCI, has added that the neighboring and regional countries have already started to withdraw sales tax, import, and other duties on edible oils to give much-needed relief to their people.
Mr. Nasir Khan emphasized that the government should move in a timely manner and make decisions swiftly in order to control the damaging effects of food inflation and rupee-dollar parity; and, protect those segments of the society who are already living below the poverty line.
Mr. Nasir Khan said that the edible oils have already crossed Rs. 390/= mark and will continue to rise even further in given circumstances; if, remained unattended. The government is in a position to offer approximately Rs. 75/Kg relief to people immediately on account of taxes and duties, he added.
Mian Nasser Hyatt Maggo, as President FPCCI, has requested Mr. Shaukat Tarin, Advisor to Prime Minister on Finance & Revenue, to intervene immediately and sit down with edible oil manufacturers from the platform of the apex representative body of FPCCI to work out a radical; yet, pragmatic plan in accordance with ground realities to bring down the edible oil prices with immediate effect.
