Expected cooking oil, ghee prices in Pakistan from July after Budget 2024-25
LAHORE: Prices of cooking oil and ghee in Pakistan have recently dropped by up to Rs75/kg due to easing inflation under the new government. Brand A cooking oil now costs Rs525/liter (down Rs75), and Brand A ghee is reduced by Rs25. However, prices may rise post the fiscal year 2024-25 budget with a proposed 1% sales tax hike to generate Rs2,000 billion, impacting inflation and likely increasing oil and ghee rates from July 2024.
LAHORE – Ghee and cooking oil are one of the most used edible items in Pakistan and they saw a decline in their prices in recent weeks as the inflation eased following the measures taken by the newly-formed government.
The prices of both items plunged by up to Rs75 per kilogramme, a relief for the inflation-bitten masses in the country.
However, the cooking oil an dgeen rates are expected to move up after the federal budget for fiscal year 2024-25 as the government has planned various taxes in line with the conditions of the International Monetary Fund ((IMF).
The government is likely to impose various taxes or increase rate of existing taxes to collection additional revenue of Rs2,000 billion in next fiscal year.
Reports said the government is likely to increase the sales tax rate by one percent to collect additional revenue in wake of taxes. The move, if approved, will increase the inflation that will ultimately affect the cooking oil and ghee prices in Pakistan.
Current Cooking Oil and Ghee Price in Pakistan
fter fresh tweaks, Brand A cooking oil is now priced at Rs 525 per liter, after lowering by Rs 75, while Brand A ghee saw reduction of Rs25.
Brand B ghee and cooking oil prices have dropped to Rs 380 per liter, after drop of Rs 70.
Expected Cooking oil and Ghee Prices in July 2024
As the new budget proposals will come into effect from July 2024 after they are approved by the parliament. If the proposed 1% increase in sales tax rate is approved, it will increase the ghee and cooking oil prices accordingly.
Source Link: https://pakobserver.net/expected-cooking-oil-ghee-prices-in-pakistan-from-july-after-budget-2024-25/
