950828

Ghee makers asked

to declare stocks of

edible oil in a week

ANWAR RAJANI

KARACHI: Ghee makers have been asked to declare within a week, the quantity of edible oil imported by them during the last one year, it is reliably learnt.

FIA has served a notice on all the ghee manufacturers all over the country to declare their entire imports and the stocks of soyabean and palm oil within a week. This is the second attempt of the FIA after the recent sugar exercise to bring down the prices of the essential commodities.

Informed sources told Business Recorder that the industrialists who have been importing oil have been served with a written notice while the commercial exporters of edible oil have been asked verbally to declare their imports.

Sources said the FIA enquiry will not end at the declaration of total imports but after about a week, the ghee makers will be asked to declare their production capacity and then the actual production of vegetable ghee and cooking oil. This exercise will enable the FIA to ascertain whether the imports are commensurate with the production capacity of the ghee plants.

Market sources told this correspondent that due to recent recession in the world market, the prices of ghee had already started coming down in the local market. The decline of ghee price from Rs 40 to Rs 36 per kg, is attributed to the fall in the palm oil price in the world market. Palm oil has come down from $700 to $620 per ton.

Sources said that further fall in the prices of vegetable ghee in the local market is quite imminent within a few days. The Government's purpose of arresting the price hike has been fully achieved now, sources added.

It may be mentioned here that FIA served notices on ghee makers on Aug. 27 and the declaration about the imports is to be made before Sept. 3.