Palm Oil Price Drops in Global Market, Benefit Not Passed on to Public in Pakistan: Islamabad Chamber

Former President of Islamabad Chamber of Commerce, Shahid Rashid Butt, stated that while palm oil prices in the global market have decreased by 25% since December 2024, the benefit has not been passed on to the public in Pakistan. Instead, local prices were increased, extracting fifty billion rupees from the public’s pockets and filling the coffers of the wealthy. The Competition Commission of Pakistan (CCP) is about to initiate an investigation into this sector. Data from the Department of Statistics and other credible sources reveal a significant difference in price trends globally and domestically. Industry leaders have commended the government’s involvement and demanded immediate action against those responsible.

Pakistan fulfills 89% of its edible oil needs, equivalent to 3.842 million metric tons, primarily from Indonesia (88%) and Malaysia (11%). Data from the Federal Board of Revenue (FBR) reveals ample reserves within the country, including 375,000 metric tons of palm oil at ports, contradicting PVMA’s claims of limited availability.

Consumer rights groups have expressed concern over the continued exploitation of middle- and low-income families and have demanded immediate intervention. Decisive action by the CCP could lead to price adjustments nationwide, potentially saving consumers billions of rupees and deterring cartel-like practices in the future.

Tags: Pakistan, Malaysia, palm oil, edible oil, Market, Indonesia, prices