Government Takes Notice of Artificial Hike in Cooking Oil Prices Despite Global Drop

Lahore – A significant discrepancy has emerged in Pakistan’s edible oil and ghee market, where consumers are reportedly being charged up to Rs. 175 per kilogram more than warranted, despite a 25% decline in global cooking oil prices. The federal government has taken notice of the issue, and an investigation into possible cartelization in the cooking oil and ghee industry is expected through the Competition Commission of Pakistan (CCP).

Sources cited by a private TV channel revealed that despite a sharp reduction in the international prices of palm and soybean oil, local producers have not passed on the benefit to consumers. Instead, they continue to raise prices domestically, putting an extra financial burden on the public.

The Economic Coordination Committee (ECC) is currently reviewing the matter and is expected to take key decisions following its deliberations. One of the proposals under consideration is to launch a formal probe into the alleged collusion among major players in the industry through the CCP.

President of the Central Grocery Merchants Association Lahore, Tahir Saqlain Butt, stated that he had raised concerns months ago regarding the unjustified pricing. “Even when global markets were witnessing a price drop, local manufacturers continued to sell at inflated rates, but no authority took timely notice,” he said.

The outcome of the ECC meeting and any potential regulatory action could play a crucial role in restoring market fairness and providing relief to consumers nationwide.