Rumours are on the air that Pakistan is towards a possible economic collapse. Ghee and cooking oil prices in the country have been hiked by Rs 208 and Rs 213 respectively, with effect today.
According to a Utility Stores Corporation (USC) official, the price of edible oil and ghee has reached an all-time high of Rs 555 per kg and Rs 605 per litre.
“USC has issued a notification of this whopping hike in ghee and cooking oil costs from June 1,” a USC official told the local Dawn daily.
The Pakistani government or USC have not stated the cause for the price increase.
According to Dawn, Umer Islam Khan, Secretary-General of Pakistan Vanaspati Manufacturers Association (PVMA), retail pricing of ghee and cooking oil would soon be comparable to USC rates.
According to Umer Islam, the USC still owes the makers of cooking oil and ghee Rs 2-3 billion, and the latter have ceased delivering supplies to the USC on credit.
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