Country has sufficient edible oil stocks, says Qamar – Newspaper

ISLAMABAD: The Indonesian government has assured Pakistan that it will resume palm oil supply in the third week of May, Trade Minister Naveed Qamar said on Saturday.

The meeting of the Prime Minister’s Task Force on Palm Oil Sourcing, chaired by Mr. Qamar at the Trade Development Authority of Pakistan to review the supply of this product in the domestic market, noted that the stocks of edible oil in the country are sufficient for the consumption of the next two months and there is no need to buy or hoard in panic.

However, he recommended preventive measures to manage the supply chain.

The task force was formed recently to ensure that there are no disruptions in the supply of palm oil to the local market.

An official announcement said the supply of palm oil from Indonesia had been temporarily cut off due to its domestic problems. However, Mr Qamar said he was reassured by his Indonesian counterpart that the supply would resume by the third week of May.

Commerce Secretary Sauleh Faroqui informed the participants that the matter is being considered at the highest level and that the Ministry of Industry and Production and the Ministry of Foreign Affairs are also on board to resolve the issue.

A representative of the Pakistan Vanaspati Manufacturers Association informed the Federal Trade Minister that at the current level of stocks, market demand could be met for another two months. He further added that more oil will be imported from Malaysia and other options will also be explored, and hoarding and smuggling of edible oil will not be allowed between members.

Posted in Dawn, 1 May 2022

Steve R. Hansen