Prices of ghee and cooking oil are expected to rise in anticipation of Ramadan.

KARACHI: Atif Ikram, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), voiced apprehensions regarding a possible rise in the prices of ghee and cooking oil in anticipation of Ramadan.

Atif Ikram stated that the clearance of edible oil imports is experiencing delays, compelling importers to incur demurrage charges of millions of dollars. This delay is resulting in a substantial rise in the prices of ghee and cooking oil, which will ultimately be incurred by consumers.

The FPCCI president stated that the clearance process for edible oil is exceedingly sluggish, resulting in customs and other complications that cause delays of up to 10 days. He cautioned that if the situation does not ameliorate before to Ramadan, prices of edible oil will escalate considerably.

Atif Ikram stated that demurrage charges are paid in dollars, hence increasing the cost of ghee and cooking oil. He stated that the government must undertake prompt measures to resolve this situation.

The FPCCI president stated that he will convene with the Minister of Finance, Chairman of the FBR, and other pertinent authorities next week to deliberate on potential solutions to this issue.

In the previous year, the prices of ghee and cooking oil rose by up to Rs30 per kg in Pakistan.

The price of cooking oil increased from Rs 530 to Rs 560, reflecting a rise of Rs 30, while the price of ghee reached Rs 550.

Market dealers reported that the price of Karachi branded ghee has surged to Rs 500, reflecting a significant increase of Rs 120 in the past month.