All Pakistan Solvent Extractors Association (APSEA) has expressed concern over the crash of edible oil prices in international markets and demanded temporary suspension of the import of both oilseeds and edible oils to save domestic sunflower growers and solvent industry.
In a statement issued here on Sunday spokesman of the APSEA said that Pakistan spends huge foreign exchange on the import of edible oil. It has to spend almost US S 1000 million on import of oil and oilseeds every year and due to the continuous efforts of the present government and APSEA, it has achieved record sunflower planting of about 600000 acres in the years 2003-2004.
However, he lamented that at the time of peak harvest of the local crop, international oil prices have collapsed from US $590 to US $460 (Per metric ton) and are still falling.
He said that this has inflicted a severe blow to the local growers as the prices of local sunflower seed has also fallen from Rs 640 per mound to Rs 650 per mound while the oil prices have also gone down from 1925 per maund to Rs 1700 per maund.
The APSEA has demanded an immediate and temporary suspension of import of both oilseeds and edible oils for a period of three months. He said that at the moment the local sunflower crop and domestic oil stocks are sufficient to ensure adequate supply of edible oils and ghee in the market at present rates.
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