The ghee and cooking oil industry Friday warned severe shortage of the commodity in the domestic market due to the refusal of commercial banks for providing US dollars to the importers of edible oil.
The industry has also hinted at the upcoming crises of the commodity in the local markets of the country.
Sources told Propakistani that the State Bank of Pakistan (SBP) has received a representation of the industry about the alarming situation of the expected shortage of ghee and cooking oil in the local market.
The industry has informed the Governor SBP that Pakistan is largely dependent on imports to the tune of over 90% to meet the national demand for edible oil.
Since mid-September, commercial banks have refused the importers of edible oil for arranging and providing US Dollars, hence, all the imported consignments are stuck-up and foreign suppliers are pressing hard to fulfill the contractual obligations at an early date or face the consequences such as late payment surcharge and cancellation of future shipments.
The ongoing situation is not a healthy sign and adversely effecting/damaging the image of Pakistan in the international trading arena, but may also result in a short supply of this staple food item in the domestic market. The situation is likely to aggravate in the upcoming month of Ramadan.
In view of SBP’s timely intervention and direction to all commercial banks to grant priority and provide USD to edible oil importers is inevitable and direly needed, to avert the looming crises.
The industry feels it most appropriate and its moral and national obligation in pointing out to SBP in time the crises in making and has suggested the direly needed remedy.
Shahbaz sharif has destroyed every industry in Pakistan. He should be tried in a court and deported from Pakistan
What about Imran? Shouldn’t he be tried as well? That man is so thirsty for power that he no longer cares what happens with the country. Every politician should be tried in court.
Oil is costly and unhealthy
use Desi ghee