Depreciation of the Rupee and Expensive Diesel, Increase in Prices of Food and Drink

Over the past few days, the depreciation of the rupee against the US dollar and the rise in diesel prices have adversely affected the prices of food items and also started increasing the cost of living.

Feb 3, 2023 - 18:39
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Depreciation of the Rupee and Expensive Diesel, Increase in Prices of Food and Drink

As the month of Ramadan approaches, stakeholders fear that if the rupee depreciates and diesel prices rise further, the prices of imported goods and raw materials may rise dramatically, reports Dawn newspaper.

Ahmed Ghulam Hussain, chief executive of Soya Supreme, speaking to Dawn said that the rupee depreciated by 14 percent against the dollar, and the increase in diesel price by Rs 35 per liter increased the cost of transportation, which led to ghee / The cost of cooking oil has increased by Rs 50 to Rs 60 per kg/liter, excluding the effects of a 50% increase in the cost of electricity and gas and the cost of packaging.

He said traders still have old stock, and the increase will be seen in the coming weeks, LCs are retiring at Rs 270 against Rs 230 and he also said that higher prices of edible oil will reduce consumption as many households have limited affordability.

Former Chairman of Pakistan Vanaspati Manufacturers Association (PVMA) Amjad Rashid said that today (Tuesday) a meeting is scheduled with State Bank Deputy Governor Dr. Inayat Hussain to discuss the issues related to the clearance of palm oil from the port. will be done

He said that the PVMA delegation will also raise the issue of barriers to the retirement of LCs and the opening of new ones.

Amjad Rasheed said that about 4 lakh tons of palm oil are in customs-bonded warehouses while 2 lakh tons are at the port. He also told that due to limited clearance of palm oil, local palm oil prices in the market have increased from 12,000-11,000 to 16,000 to 17,000 per 40 kg.

Amjad Rasheed further said that we are also working with the Deputy Governor on various measures to pave the way for the clearance of edible oil to overcome any serious shortage of oil/ghee during Ramadan starting from the third week of March. Will discuss.

Farid Qureshi, General Secretary of Karachi Retailer Grocer Group, said that after the increase in wholesale prices, the retail prices of pulses have also increased by 20 to 25 rupees per kg. He also said the wholesalers have warned that this is just the beginning, when the sale of pulses starts in the market after the clearance of the container from the port, the price hike will not be less than a shock to the consumers.

Muhammad Shoaib Paracha, former chairman of the Pakistan Tea Association and member of the executive committee of FPCCI, said that the depreciation of the rupee has increased the cost of imported tea by more than Rs 100 per kg.

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