Karachi, November 07, 2014 (PPI-OT): Pakistan Vanaspati Mills association has announced that, After the decrease in Petroleum prices, ghee, cooking oil and steel prices will be reduced in a couple of days. Chairman PVMA, Atif Ikram Sheikh said that meetings are being held to reduce the prices of ghee, cooking oil and steel to provide relief to the poor people, because of the considerable reduction in the petroleum prices by the Federal Government.
He said that meetings are under way with cooking oil and steel industries’ representatives, and added that Rs. 2,000/metric tonnes reduction in steel prices and one rupee per kilogram in ghee and cooking oil prices is expected in a couple of days.
Atif Ikraam Shaikh lauded the recent cut in petroleum prices and termed it a positive step, which, he said, would help control inflation and benefit the poor. He said that prices of ghee and cooking oil will be slashed to Rs 1 per Kg and steel prices will be reduced to Rs 2000/mt, decision in this regard will be made in a couple of days.
He said that the inflation has come down to 7.5% in October which is lowest in the last four years and its impact is being reflected by bringing down the prices of steel, cooking oil and ghee. He stated that fall in petroleum prices widely affects prices of commodities, as the decline in the rates of oil, sugar, fruits and vegetables has been witnessed. He said that with the reduction in transport fares, the other things will become cheaper.
He expressed his concerns on recent sharp decline of Pak rupee. He asked the government to control the fluctuation of dollar which is affecting the industrialist and business man adversely.
For more information contact:
Atif Ikram Sheikh
Pakistan Vanaspati Manufacturer Association (PVMA)
PVMA Secretariat Office,
House No. 386, Street No. 11,
Tel: +92-51-4437597, +92-51-4440772