ISLAMABAD: Exactly at a time when prime minister, Imran Khan, was delivering his speech on Wednesday to announce his ‘historic’ relief to assure the masses that his government was cutting down what he claimed its “belly’ to keep impact of the global price-hike on them at the possible minimum level, the Utility Store Corporation (USC) notifed increase in ghee and cooking oil prices upto Rs 53 and Rs 65 per kg respectively.
After Wednesday’s notification , the price of per kg cooking oil and ghee at USC went up to Rs 410 and Rs 360 per kg.
The notified ghee/ cooking oil prices will come into force with immediate effect, USC said.
The market analysis suggested USC was passing on the increase in ghee/ cooking oil rates to its buyers more than the open market.
Chaudhary Saleem , a local trader in Islamabad, told this scribe that the ghee manufacturers have increased rates of ghee and cooking oil upto Rs 50 per kg, but still new rates have not been come in to effect as he was selling his old stocks at previous rates. “We are selling one kg of ghee at Rs 340 and cooking oil at Rs 360 (Dalda brand) and will maintain the same prices as long as our old stocks are in hand”, Chaudhary Saleem said.
USC is a state- owned entity and its formation was aimed at intervening in the market to stop the private sector from fleecing the buyers. It was not meant to make undue profit on sale. The question arisis if a small trader like Chaudhary Saleem was selling his old ghee/ cooking oil stocks at previous rates what allured USC to go for such a big increase in the rates of this essential commodity.
A ghee/cooking oil manufacturer, who is also supplier of ghee to USC , spoke to NEWSMAN on the condition of not mentioning his name. The manufacturer said USC has increased the rates of ghee/cooking oil to dodge the prime minister who wanted 30 % subsidy on ghee/ cooking oil and other essentials under Ehsas Programme for the buyers.
“I think USC revised ghee and cooking oil rates in a massive way ahead of the prime minister’s relief package announcement and if its cunning move remained unchecked it will simply mean zero relief for USC buyers on ghee/ cooking oil.