KARACHI: The Pakistan Vanaspati Manufacturers Association (PVMA) has claimed that it has reduced prices of ghee and cooking oil all over the country, but consumers in Karachi have witnessed no such relief.

The palm oil rate in the world markets plunged to $720 per tonne (C&F) from $850 in March this year, but manufacturers are yet to reduce prices, retailers complained.

Karachi Ret ail Grocers Group General Secret ary Farid Qurieshi said the rates of various brands are still unchanged. One kg/litre ghee and cooking oil still sells at Rs150-200 and there is no hint from the companies about any fall in prices.

PVMA chief Atif Ikram Shaikh claimed that prices of ghee and cooking oil have declined all over Pakistan, including Karachi. The reduction also includes Re1 per 1(g drop in prices followinglow transportation cost.

He said that 16kg ghee tin is now priced at Rs2,300 as compared to Rs2,500. He further claimed that the rates have also fallen in Jodia Bazaar.

About 90 per cent of the industries, except for some leading brands, have passed on relief to consumers, he added. The branded packers would also shortly reduce prices because they have adopted a different price mechanism to sustain world palm oil prices.

According to Pakistan Bureau of Statistics (PBS), vegetable ghee and cooking oil production in July to August rose to 197,431 tonnes and 63,396 tonnes, respectively, as compared to 193,648 tonnes and 59,619 tonnes in the same period last year.

In 2013-14, ghee and cooking oil production jumped to 1,180,619 tonnes and 371,983 tonnes, respectively, as compared to 1,138,754 tonnes and 363,393 tonnes in the same period of 2011-12.