SGMA Saipan

Main Menu

  • Garment Factory
  • Manufacturers Association
  • Garment Worker
  • Textile Industry
  • Capital

SGMA Saipan

Header Banner

SGMA Saipan

  • Garment Factory
  • Manufacturers Association
  • Garment Worker
  • Textile Industry
  • Capital
Manufacturers Association
Home›Manufacturers Association›Ghee producers earn 300 billion rupees in six months

Ghee producers earn 300 billion rupees in six months

By Guillermo Porter
June 25, 2022
0
0

LAHORE: Ghee makers rejoiced to earn more than Rs 300 billion by raising rates due to rising prices of international edible oil, petroleum products and fluctuating dollar in six months from January to June 2022.

To sate their thirst for making extra money, they keep shifting the burden onto the consumers under one pretext or another, but never lower ghee prices no matter the prices of edible oils and petroleum products drop. or the dollar stabilizes. On the international market, the price of RBD palm oil from January 1, 2022 to June 24, 2022 varied between $1312/tonne and $1495/tonne while it reached a maximum of $2048/tonne on March 2 .

Ghee makers have made additional profits with the increase in the international price of RBD palm oil by tying the rise to domestically produced items. The import cycle is normally 30-45 days. Just in case, a letter of credit (L/C) for an RBD palm oil shipment opened on January 1, 2022, is likely to be delivered within the next 30 to 45 days (from February 1 to February 15, 2022.

The manufacturers, who opened L/Cs in January at $1315/ton, should have sold the ghee/cooking oil produced from it at the import price, but the situation was different. Instead of selling it at the import price, they sold it at rates of $1,450 to $1,570/tonne. Thus, they earned nearly $255/tonne of additional silver.

The average monthly consumption of ghee/cooking oil in Pakistan is around 350,000 tons. The industry gets an extra profit of Rs 150/kg each month by raising rates due to international RBD palm oil, rising POL prices and dollar swings. Thus, he earns an additional profit of Rs150,000 per ton and the figure touches Rs52 billion on 350,000 tons.

Ghee manufacturers have continued to raise prices over the past six months without fear, in addition to demanding that the government reduce duty/tax rates to help drive down ghee/cooking oil rates.

Now, RBD palm oil prices on the international market are falling. But the manufacturers still follow the same formula they are adopting while raising the ghee/cooking oil prices. Rather, they claim that the ghee/cooking oil sold in the domestic market is produced with expensive RBD palm oil.

When contacted, the President of the Pakistan Vanaspati Manufacturers Association, Tariqullah Sufi, said local prices for ghee and cooking oil had already started to fall. He said prices had risen from Rs6 to Rs8 per kilogram over the past few days. He, however, clarified that ghee/cooking oil prices would not return to previous rates. Responding to a question about the rationale for the price hike despite falling RBD palm oil prices, he said the situation would normalize in 15-20 days. RBD palm oil prices will reach the January 2022 level, he said, adding that this will not affect the domestic price. “If the price of something goes up in Pakistan, it never goes down,” he remarked.

Related posts:

  1. ACEA: Motor vehicle tax amounts to € 398 billion in main EU markets, highest vehicle taxes in Belgium
  2. Auto Care Connect to a Conversation with Congressman Brendan Boyle
  3. Analysis: chip shortage reveals Achilles heel of German recovery
  4. Tires are big emitters. EVs could worsen their pollution – Thursday April 29, 2021 – www.eenews.net

Recent Posts

  • Eli N. Evans, who wrote about Southern Jews, dies at 85
  • Management software for the association market – growing demand from industry professionals: iMIS, Fonteva, MemberClicks, YourMembership, Daxko Operations
  • The global alginate derivatives market is expected to grow by USD 73.5 million during the period 2022-2026, accelerating at a CAGR of 3.26% during the forecast period
  • NYC employees wait 90 minutes in line for trendy Cava lunch
  • TN engineering student detained for planning ISIS terror attack

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021

Categories

  • Capital
  • Garment Factory
  • Garment Worker
  • Manufacturers Association
  • Textile Industry
  • Terms and Conditions
  • Privacy Policy