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Federal Minister for Finance and Revenue Shaukat Tarin has approved tax relief of 10% on the import of edible oil for the next two months, according to a statement issued on Friday.

Tarin approved the relief at a meeting in Islamabad keeping in view the increase in prices of edible oil in the international market.

The finance minister presided over the meeting which was also attended by Federal Minister for Industries & Production Makhdoom Khusro Bakhtiar, Secretary Industries & Production, Chairman FBR and other senior officials.

The chair was told that monthly average retail prices of RBD palm oil are highly volatile and have increased almost twice compared with last year.

Currently, the benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange is being traded at $1,406.96 per tonne.

“The tax relief measure on import of edible oil is being undertaken for a short term to ensure smooth supply of edible oil to consumers as 90% of nation’s annual demand for ghee/cooking oil is dependent on imported inputs,” the Ministry of Finance said in a statement.

Earlier this month, the Economic Coordination Committee (ECC), the country’s top economic decision-making body, approved a Rs8 billion ‘Ramazan relief package’ to provide some relief to citizens who are facing high inflation.

Under the package, at least 19 essential items will be made available at subsidised rates at 6,000 utility stores across the country. The commodities include rice, flour, pulses, sugar, edible oil, dates, tea, milk among other essential items.

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