Federal Minister for Finance and Revenue Shaukat Tarin on Monday urged the Pakistan Vanaspati Manufacturers Association (PVMA) to adopt market-based solutions and bring down prices of edible oil and ghee in the domestic market in line with the international price trend.
If there is a slight dip in the international market, it must be reflected in the domestic prices so that the consumers get relief amid the highly fluctuating edible oil market, the federal minister said during a meeting with a PVMA delegation here.
The finance minister stressed the need to evaluate the whole situation rationally and urged PVMA to come up with a sustainable pricing mechanism in collaboration with the Ministry of Industries and Production and Federal Board of Revenue (FBR). The finance minister also directed chairman FBR to assure expeditious disbursement of refunds to the importers of vegetable ghee/oil to ensure availability of funds.
Besides, he constituted a committee comprising representatives of PVMA, secretary M/o Industries and Production and chairman FBR to work out an arrangement for streamlining collection of sales tax and a predictable pricing formula. While welcoming the chairman PVMA, the finance minister expressed his concern over the rise in the prices of edible oil/ghee in domestic markets over the period of time.
Earlier, chairman PVMA briefed the minister about the international hike in prices of palm and soyabean oils particularly during COVID pandemic.