SLAMABAD…The Pakistan Vanaspati Manufacturers Association (PVMA) announced an immediate reduction in the price of ghee and cooking oil followed by the Government decision to demolishing of further sales tax regime on such items .
Central Chairman of PVMA Sheikh Abdul Waheed has directed all ghee and cooking oil producers to reduce prices immediately so that masses could get some relief.
According to the assessment of the PVMA, the decision will substantially reduce the price by Rs.10 per kilogram..
According to details, the price of palm oil appreciated in the international market by the beginning of this year which also hiked prices of ghee and cooking oil in Pakistan that is now being sold at Rs300 to Rs350 per kilogram from RS.200 per kg.
Increased prices of this essential food item was putting pressure on buying power of masses.
The Chairman of PVMA Sheikh Abdul Waheed to write letters to Prime Minister Imran Khan requesting a relief.
He also held meetings with Finance Minister Shaukat Tarin, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Chairman FBR and other top officials.
Waheed convinced the top government functionaries that reduction in taxes will provide relief to the masses and his efforts resulted in a waiver of three percent Further Sales Tax on this industry.
FBR has issued a notification in this regard which is implementable with immediate effect. The move has reduced the cost of production of ghee and cooking oil therefore the PVMA decided to pass relief to the masses without any delay