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News Admin
 
Date
 07/08/2001
News Provider
 Mahamad Rodzi Abdul Ghani
News Source
 NULL
Headline
 Pakistan: Reduction in palm oil import duty demand

LAHORE, 8/6/2001 (Business Recorder) - Pakistan Vanaspati Manufacturer'sAssociation (PVMA) has called upon the government to reduce the importduty to 65 percent on palm oil, soyabean and other edible oils, used inthe manufacturing of ghee and cooking oils, claiming the rise in edibleoil prices in the international market is putting pressure on themanufacturers.A spokesman of the association said here on Thursday, that the currentprice trend is a result of phenomenal increase in the prices of edibleoils in the international market however, measures were necessary toalleviate the pains of the consumers for whom the prices of ghee andcooking oil are going beyond the purchasing power of people.Analysing the price rise trend in the international market, the spokesmanstated that from January to July 2001, the prices have gone up by 41 percent. The industry, being highly competitive, has been absorbing the pricehike of edible oil in the international market, but the pressure kept ongrowing compelling the industry to raise the prices of its products.The spokesman said that the prices of local oils are on the rise as injust six months it has gone up from Rs 35000 per tonne to Rs 44000 pertonne.He criticised the high share of government earnings in the ediblebusiness. The association stressed that in order to provide the consumerssome relief, the share sizes should be rationalised.


ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
Tel : 603 - 7802 2800 || Fax : 603 - 7803 3533