Lahore – Ghee and cooking oil are staple food items in Pakistan, and their prices have recently decreased amid high inflation following new government measures.
The details show that both commodity’s costs decreased by Rs 75 per kg, which is good news for the nation’s people who are struggling with inflation.
The government is enforcing certain levies following guidelines established by the International Monetary Fund (IMF), hence it is anticipated that the price of cooking oil and ghee would increase after the federal budget for the fiscal year 2024–2025.
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The government is likely to increase the number of taxes or the rates at which it already charges current taxes to raise an additional Rs 2000 billion in income for the next fiscal year.
Reports state that the government may raise the sales tax rate by one percent to raise additional revenue through taxes. Should this plan be accepted, inflation is expected to rise, which will eventually impact the price of cooking oil and clarified butter (ghee) in Pakistan.
Costs of Ghee and Cooking Oil after the Budget 2024–2025:
Because, upon approval by Parliament, the new budget measures will take effect in July 2024. The prices of cooking oil and ghee will rise in tandem with the anticipated 1 percent sales tax rate increase.
The Current Cost of Ghee and Cooking Oil in Pakistan:
Brand A ghee experienced a decrease of Rs 25, and Brand A cooking oil saw a drop of Rs 75 to Rs 525 per liter as a result of the recent adjustments.
The cost of a liter of cooking oil and Brand B ghee has decreased by Rs 70 to Rs 380.