Federal Finance Minister Shaukat Tarin is said to have directed the Ministry of Industries and Production, the Competition Commission of Pakistan (CCP) and the Federal Board of Revenue (FBR) to take the requisite actions to ensure that current decline in the international prices of edible oil is passed on to the domestic consumers.
Edible oil and oilseeds are among the largest food and feed imports into Pakistan. A significant decline will surely help the government reduce its trade deficit. In other words, it will help the country reduce its import bill and ease pressure on foreign exchange reserves. But the policymakers are required to work towards finding out policy alternatives for attainment of self-sufficiency in edible oil through local production.
Bisam Khan (Islamabad)
Copyright Business Recorder, 2021