ISLAMABAD, Feb 10 Asia Pulse - The Pakistan Vanaspati Manufacturer'sAssociation (PVMA) has proposed to the government to raise the customsduty on import of crude palm oil (CPO) to provide a level-playing field tothe local manufacturers.
The PVMA in a statement issued here on February 8 urged the government toraise the customs duty on CPO at least to the level of RBD palm oil -Rs10,800 per ton (us$182) - to encourage local growers of edible oils, useof soft oils and save the government revenue.
The association blamed that due to this advantage the government providedto the importers of crude palm oil, four multinational companies hadstarted installation of their CPO refineries in Pakistan.
The total annual capacity of these new refineries alone would be around1.278 million tons, which the PVMA believed almost close to the totalannual demand of vegetable ghee/cooking oil in the country.
The PVMA said the government would lose an annual revenue of Rs2.3 billiondue to these refineries, as the former would be sacrificing Rs1,800 perton by the virtue of import of crude palm oil instead of RBD palm oil.