05/11/2008 (The News, International) - International market palm oil price during March-October plummeted by 70 percent.

Malaysian palm oil price, which in March 2008 had peaked at $1331 per ton, now seen dropped down to $450 per ton. Besides, Malaysian palm oil exports are also seen persistently declining.

In the backdrop of international market palm oil price peaking at $1300 per ton, ghee and oil price in Pakistan had shot up to Rs160 per kilo from Rs75, but with the fall in the global prices now, the government has fixed the ghee per kilo price at Rs98.

Karachi Wholesale Grocers Group’s General Secretary, Fareed Quraishi said that when the global market palm oil price was at $700 per ton, then the ghee and oil price in Pakistan was at Rs75 per kilo, but now when the global price has come down to $450 per ton, the price of oil and ghee in the local market, despite devaluation in rupee, should have been at Rs70/75 per kilo.