Cooking oil and ghee prices in Pakistan are anticipated to rise in July after the 2024–2025 budget

Cooking oil and ghee prices in Pakistan are anticipated to rise in July after the 2024–2025 budget

Cooking oil and ghee prices in Pakistan are anticipated to rise in July after the 2024–2025 budget
Cooking oil and ghee prices in Pakistan are anticipated to rise in July after the 2024–2025 budget

LAHORE: Among the most popular foods in Pakistan are ghee and cooking oil, both of which have seen price reductions in recent weeks as a result of the new government’s actions reducing inflation.

 

Both goods’ prices fell by as much as Rs75 per kilogramme, which was a relief for the nation’s impoverished citizens.

 

However, because the government has scheduled various taxes in accordance with the guidelines of the International Monetary Fund (IMF), cooking oil and gas rates are anticipated to increase following the federal budget for fiscal year 2024–2025.

 

In order to raise an extra Rs2,000 billion in revenue for the upcoming fiscal year, the government is probably going to levy new taxes or raise the rates of already-existing taxes.

 

According to reports, in order to raise more money after taxes, the government is probably going to raise the sales tax rate by 1%.

 

If the proposal is accepted, it will raise inflation, which will eventually impact the cost of ghee and cooking oil 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.

 

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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

Since the new budget recommendations, if adopted by the parliament, will take effect in July 2024.

 

The price of cooking oil and ghee will rise in line with the anticipated 1% increase in the sales tax rate.

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