15/4/07 KARACHI (Business Recorder)  -  Palm oil prices have gone up by $35 per ton to new high of $735 during last two weeks, deteriorating edible oil crisis in Pakistan, importers told Business Recorder on Saturday. "During the last week of March, we were importing palm oil at $700 per ton, while now it is imported at $735 per ton, all time high level in the world market," said a palm oil importer.

He said that November to March is a lean period for palm oil production. As a result, prices escalate. However, it was expected that the prices would fall in near future as production season of the commodity starts in May. "I have never seen palm oil price at a high level of $735 during last five years in the international market" he said.

During last three months, its prices have surged by $135 per ton from $600 per ton, he said. He said that import of palm oil has also slumped in the wake of its soaring prices. According to him, palm oil imports during January-March of current year had been 0.2 to 0.25 million tons.

With the increase in palm oil prices on the international front, the domestic scenario has also started changing as the edible oil prices have gone up by Rs 230 per 16-kg canister during last three months. "After this upsurge the locally manufactured edible oil is being sold at Rs 1180 per 16-kg canister, as compared to previous rate Rs 950 in the first week of January," said a trader.

Retail price of one kg loose edible oil has reached Rs 74 per kg, from Rs 59 per kg, showing a stride of Rs 15 per kg during last three months, he added. Pakistan's edible oil consumption is around 2.2 million tons annually. Around 0.6 million tons is supplied by some 128 small and big edible oil refineries across the country, and the remaining demand is met through imports mainly from Malaysia and Indonesia.