The federal government and the Pakistan Vanaspati Manufacturers Association have signed a Memorandum of Understanding for a reduction in the prices of edible oil, and ghee.
Prime Minister Imran Khan presided over a meeting of the federal cabinet in which this was revealed.
Some members of the cabinet raised the issue of the rocketing prices of edible oil and ghee in the meeting and asked why the duties and taxes on edible oil have not been reduced despite the announcement.
The Minister for Industries and Production, Khusro Bakhtyar, explained that the local prices of cooking oil are being affected by the constantly increasing international price of oil.
The Memorandum of Understanding (MoU) is aimed at minimizing the duties and taxes on edible oil to make the prices convenient for consumers, and the issue will now be presented to Economic Coordination Committee.
Regarding the need to regulate the prices of essential kitchen items at the highest level, it was also agreed in the meeting that a comparison report of local prices with those of the regional countries should be submitted on a weekly basis to the cabinet. Subsequently, the Finance Division was tasked with the presentation of the weekly comparison.