16/01/2008 (The Daily Times, Pakistan) - KARACHI: The local edible oil prices surged on higher import cost of crude palm oil which stood around $1,042 per tonne in the international market, after a new all time high world record prices a day earlier, the importers and millers said here on Tuesday.

The importers would pay another Rs 40 per kg as Malaysian crude palm oil futures surged to hit a new high on increase in exports and low yield of other oil seeds. A senior member of Pakistan Vegetable Manufacturers Association (PVMA) Nasir Ibrahim said:“We are presently paying around Rs 13,500 a tonne Cost and Freight (C&F) more in shape of duties to the government on imports of palm oil than in 1997.”

“The extractors and ghee manufacturers will also adjust the product prices as they will also pay more for the raw material,” he added. The prices of vegetable oil and ghee will be up around 5 to 8 percent. He said domestic prices of edible oil increased by Rs 105 per maund to Rs 3,610 per maund and a container of 16 kg was available at Rs 1,730. The prices increase in the wholesale market would affect the retail market, however, it would not go beyond the reach of customers.