No further rise in edible oil prices

CARACHI:

The PML-N coalition government has assured that there will be no further rise in edible oil prices in the local market, although one of the two main oil producing and exporting countries, Indonesia, has temporarily banned exports of this product worldwide.

“The country has enough oil stocks to meet domestic market demand over the next two months,” stakeholders said at a first meeting of the “Palm Oil Supply Working Group”. “, chaired by the Federal Minister of Trade. and Syed Naveed Qamar Investment on Saturday.

The meeting decided that Pakistan could import more cooking oil and ghee from Malaysia, if needed, in the near future.

Additionally, Indonesia has informed Qamar that it will lift the export ban by the third week of May, the meeting noted – which took place at the Trade Development Authority of Pakistan (TDAP). .

The Senior Vice President of Pakistan Vanaspati Manufacturers Association informed the Federal Minister that at the current level of stocks, “market demand could be met for another two months”.

He informed the minister that more oil would be imported from Malaysia in addition to exploring other options, and that hoarding and smuggling of edible oil would not be permitted between members, said a press release issued by the Ministry of Commerce.

The Federal Minister called on participants to work together “to avoid an increase in the price of edible oil and assured that the government was working to find a short and long-term solution to the problem posed by the dependence on oil imports. ‘Indonesian palm oil’. ”.

The meeting was also attended by the Ministry of Industries and Production, an additional secretary, officials from the Ministry of Foreign Affairs and Trade and Investment serving in Indonesia and Malaysia as well as businessmen from foreground.

Qamar welcomed the participants and informed them that the Prime Minister had set up the task force “to ensure that there are no disruptions in the supply of palm oil to the local market”.

He further informed that the supply of palm oil from Indonesia has been temporarily interrupted due to domestic issues. However, “he was reassured by his Indonesian counterpart that the supply will resume by the third week of May”.

The Commerce Secretary informed the participants that the matter was being taken up at the highest level and that the Ministry of Industries and Production and the Ministry of Foreign Affairs were also on board to resolve the issue.

Diplomatic and commercial channels are used to reverse the unilateral decision of the Indonesian side.

Prior to the meeting, the Federal Trade Minister was briefed on the activities and functioning of the Trade Development Authority of Pakistan (TDAP). It was informed that the TDAP, as a leading trade promotion organization, has a dual task of trade promotion and trade facilitation.

He was informed that “TDAP’s trade promotion activities include local exhibitions, participation in international exhibitions, delegations and promotion of Pakistani goods and services abroad through various other mediums including tools digital and online and product promotion campaigns”.

He was further informed that the TDAP carried out various activities within the framework of trade facilitation, including the registration of geographical indications of indigenous products, the GSP and REX registration of exporters, the training of new exporters and the management of the Karachi and Hyderabad exhibition center.

The Minister appreciated the efforts of TDAP in promoting Pakistani goods and services across the world.

Published in The Express Tribune, May 1st2022.

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Felix J. Dixon