Prices of cooking oil, steel to come down

PVMA chief says slash to occur in a couple of days.

KARACHI: Following the substantial decrease in prices of petroleum products at the start of the current month, ghee, cooking oil and steel prices are likely to be slashed in a couple of days by the federal government.

This was stated by Atif Ikram Shaikh, chairman of the Pakistan Vanaspati Manufacturers Association (PVMA) and managing director Mujahid Steel Re-rolling Industry.

Talking to APP here on Thursday, Shaikh said the recent cut in petroleum prices, which followed the global decline in prices, was a positive step. He said that meetings are under way with cooking oil and steel industries’ representatives, adding that a reduction of Rs2,000 per ton in the price of steel prices, while a one-rupee per kilogramme decrease in cooking oil price should be expected.

South Asian Association for Regional Cooperation Chamber of Commerce and Industry’s Senior Vice Chairman Iftikhar Malik appreciated the government’s decision to slash petroleum prices, which, he said, would help control inflation and benefit the poor.

Meanwhile, Maqbool Enter­prise Chairman and Islamabad Chamber of Commerce President Zahid Maqbool Malik said the fall in petroleum prices has been followed by the decline in the rates of oil, sugar, fruits and vegetables.

He said that with the reduction in transport fares, other commodities are likely to become cheaper as well.

Published in The Express Tribune, November 8^th, 2014.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.