Official statistics on various edible oil manufacturing factors such as import costs, taxes/duties, recovery, transport, packaging, profit margins, and edible oil/ghee quality show that about 300 influential people have joined the market. As a result, it has a profit of Rs 1,500 billion.
According to official data, this extraordinary increase in edible oil prices has given manufacturers, wholesalers, and intermediaries an additional profit of Rs 170 billion to Rs 190 billion from August 2018 to September 2021.
According to official records, the highest profits were made from November 2019 to July 2020 and then from October / December 2020 to June / July 2021 when edible oil prices fell sharply globally, but edible oil prices continued to rise. However, the duty on palm oil imports was also reduced from January 2020 to April 2020.
From November 2019 to March 2020, edible oil prices fell from Rs 213 per liter to Rs 261 per liter, while global palm oil prices fell from 7 750 per tonne to 5 518 per tonne.
Manufacturers did not provide relief to consumers during this period even though their average production cost ranged from Rs 123.5 per liter to Rs 166.3 per liter.
Similarly, he earned a profit of Rs. 98 per liter to Rs. Take action against the crooks so that the benefit of lower prices can be passed on to the consumers while Prime Minister Imran Khan had also approved a utility relief package of Rs 7 billion.
According to official records, the troubles escalated when the Ministry of Industry and Production, through its official Amjad Hafeez, revealed that a group in the edible oil industry had made a profit of Rs 25 billion to Rs 30 billion in the first quarter of 2020. While the internal audit of the subsidiary of the Ministry of Industry and Production also revealed that the subsidy given to ghee/oil has resulted in a loss of Rs. 69.91 million.
Adviser to the Prime Minister on Finance Shaukat Tareen also requested in several meetings to reduce the price of edible oil by Rs 80 per kg, but the government did not act on it.
Figures from the FBR Pral and other regulators show that from January 2019 to September 2021, total revenues from edible oil ranged from Rs 17.3 to Rs 39.7 per kg.
The prime minister ordered an inquiry into the rise in food prices in March 2020, but no progress has been made so far while regulators have remained silent on the record rise.
