ISLAMABAD: The bad news for the inflation-hit people is that the prices of ghee and coking oil are likely to go up further due to the imposition of regulatory duty on the import of edible oil by the government.
According to media reports, the federal government has imposed regulatory duties on the import of edible oil from all countries except Indonesia and the Federal Board of Revenue (FBR) has also issued a formal notification in this regard.
According to the notification, the regulatory duty on edible oil imports from Indonesia will not be applicable till June 30, 2022, while the rates of customs duty on edible oil imports which are zero, 3% and 11% will be 2%. ۔
The notification states that oil imports with 16% customs duty will be subject to 4% regulatory duty while oil imports with import duty of 20% will be subject to regulatory duty of 6%. The rate of customs duty on imported oil will be 30% and the rate of regulatory duty will be 7%.
It may be recalled that the government had decided to import edible oil from Indonesia and Malaysia to stabilize the prices and Finance Minister Muftah Ismail had directed to expedite the process of importing edible oil from Malaysia and Indonesia.
Sources said that the move is aimed at ensuring easy supply of edible oil to the consumers. Edible oil tankers will arrive this month after which the improvement in oil stocks will help stabilize prices.