Branded ghee, oil makers raise prices by up to Rs100

The branded ghee and cooking product manufacturers have raised prices despite a bearish trend in palm oil import costs. A retailer said the price of branded ghee and cooking oil has increased by Rs80 per kg/litre to Rs570. He added that the hike is up to Rs100 per kg/litre in some big brands. Giving the reason for price disparity, Pakistan Vanaspati Manufacturers Association (PVMA) Chairman Sheikh Umer Rehan told Dawn that palm oil prices, which had increased in the world market to $1,285 per tonne, have later settled to $1,185, thus bringing down the palm oil rate in the open market to Rs16,500 per maund from Rs19,000. As a result, he added that prices of ghee and cooking oil, which had risen by Rs80 per kg/litre, witnessed a drop of Rs40 by small and medium-sized players, holding major market share.