Pakistan Vanaspati Manufacturers Association (PVMA) on Sunday announced an immediate reduction of ten rupees in per kilogram price of ghee and cooking oil to provide relief to the masses.
Central Chairman of PVMA Sheikh Abdul Waheed has directed all ghee and cooking oil producers to reduce prices immediately so that masses could get some relief.
The move will reduce the annual burden on the masses by around half a trillion rupees as annual production of commodities stands at 4.5 million tonnes.
According to details, the price of palm oil appreciated unprecedently in the international market by the beginning of this year which also hiked prices of ghee and cooking oil in Pakistan that is now being sold at Rs300 to Rs350 per kilogram.
Increased prices of this important edible item were putting pressure on buying power of the masses which prompted Chairman of PVMA Sheikh Abdul Waheed to write letters to Prime Minister Imran Khan requesting relief.
He also held meetings with Finance Minister Shaukat Tarin, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar and other top officials.
He convinced the top government functionaries that reduction in taxes will provide relief to the masses and his efforts resulted in a waiver of three percent Further Sales Tax on this industry.
FBR has issued a notification in this regard which is implementable with immediate effect. The move has reduced the cost of production of ghee and cooking oil therefore the PVMA decided to pass relief to the masses without any delay.
Chairman of PVMA Sheikh Abdul Waheed has thanked Prime Minister Imran Khan Finance Minister Shaukat Tarin, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar and Chairman FBR for their cooperation which has resulted in relief to the masses.