ISLAMABAD: The Paki­stan Vanaspati Manu­fact­urers Association (PVMA) has agreed in principle to take measures in the next couple of days to bring down prices of edible oil/ghee.

The understanding was reached at a meeting between Finance Minister Shaukat Tarin and a PVMA delegation on Monday.

During the meeting, Mr Tarin showed displeasure over repeated hike in edible oil/ghee prices in domestic market and warned of a strict action, a source told Dawn.

After an exchange of information by the two sides, PVMA chairman Abdul Waheed assured the finance minister about convening a meeting of his association to look into a possible decrease in per litre price of edible oil.

Talking to Dawn, Mr Waheed said the quantum of reduction in edible oil price would be decided in the meeting. However, he said his association had requested the minister to reduce taxes on edible oil.

He said taxes on edible oil had increased by over 140 percent because of rise in prices of palm and soyabean oils in the international market followed by the depreciation of the rupee. In the past few weeks, he said, the rupee fell to Rs164 against the US dollar from Rs152.

He said the government might also consider lowering tax on import of palm and soyabean oils, while his association would reduce its profit margin to give relief to the common man.

Published in Dawn, August 24th, 2021