Latest cooking oil and ghee prices for Oct 2024

In recent weeks, ghee and cooking oil prices have surged dramatically, further driving up the cost of living.

The price of daily essentials have reportedly increased by Rs40 to Rs50 per litre/kilo, mostly as a result of a sharp rise in palm oil costs on the global market.

In just two months, the price of palm oil has increased from $900 to $1,200 per tonne, a staggering $300 increase.

Numerous worldwide market variables are blamed for this dramatic increase, which compels regional companies to reconsider their pricing strategies in light of the growing cost of raw materials.

However, in an effort to keep prices affordable in the face of growing costs, producers are requesting tax breaks on ghee and oil, which are now set at Rs100 per kilogramme.

In order to meet its domestic need of 4.5 million tonnes of palm oil per year, Pakistan imports about 3.2 million tonnes, making it especially susceptible to changes in international prices.

As they seek tax reductions to maintain affordability, the impact of global market fluctuations continues to challenge Pakistan’s economy.