ISLAMABAD :The Federal Minister for Finance and Revenue, Shaukat Tarin here on Friday approved tax relief of 10 percent on import of edible oil for the month of April and May to deal with the expected shortfall of the commodity during the month of Ramzan due to hike in prices.
The finance minister was presiding over a meeting on edible oil, according to press statement issued by the finance ministry.
Among others, the meeting was attended by Federal Minister for Industries & Production, Makhdoom Khusro Bakhtiar; Secretary Industries & Production, Chairman Federal Board of Revenue (FBR) and other senior officials.
The tax relief measure on import of edible oil was being undertaken for short term to ensure smooth supply of edible oil to consumers as 90 percent of nation’s annual demand for ghee/cooking oil was dependent on imported inputs.
The Chair was apprised that monthly average retail prices of RBD palm oil are highly volatile and have increased almost twice comparing with last year.
Currently, in the month of January, there has been significant increase in its prices approximating Rs1351 per ton.