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Friday, February 16, 2024

Govt raises cooking oil price by Rs 213

Prices of basic commodities have been skyrocketing in Pakistan, putting intense inflationary pressure on the public.

In a major upset for the Pakistani public, the government has raised the prices of ghee and cooking oil by an unprecedented Rs208 and Rs213 respectively. The sharp hike in prices comes after the increase in prices of fuel.

According to details, an official in the Utility Stores Corporation (USC) in Karachi confirmed to the media that the USC had issued a notification of this whooping jump in ghee and cooking oil rates effective June 1.

After the massive increase, the price has reached an all-time high of Rs555 per kg for ghee and Rs605 per litre for cooking oil. The price of the quality cooking oil brands of five-litre tin has also jumped from Rs 2,105 to Rs2,655 while prices of other cooking oil brands also jacked up amid soaring inflation. The maximum rate of ghee and cooking of renowned brands in the retail markets still hovers between Rs540-560 per kg/litre.

Read more: Nawaz Sharif responsible for inflation: Fawad Ch

Inflation in Pakistan

Currently, prices of basic commodities have been skyrocketing in Pakistan. Last week, the government first raised the petroleum product rates by Rs30 per liter. After the increase in fuel prices, rates of flour were also raised.

According to a notification issued by the USC, Rs 9 per kilogram has been raised on flour, resulting in a hike of Rs. 90 on a 10 kilograms bag and Rs. 180 on a 20-Kg bag. A 20-Kg bag that was previously being sold at Rs. 800 will now cost Rs 980 while a 10-kg bag will cost Rs. 490, contrary to Rs. 400 previously. The government even directed regional accounts officers to visit warehouses and ensure the implementation of prices in the utility stores.

Pertinent to mention, when PTI was in governance, PML-N as the opposition would frequently lash out whenever there would be an increase in prices. However, now it seems that the PML-N government too has no choice but to make decisions that it previously criticized PTI for.

Read more: Welcome inflation: Shehbaz to remove subsidies