The move is part of PM Sharifs’ efforts to alleviate a cooking oil price crunch squeezing the households.
By Staff Reporter
ISLAMABAD: All is set for Indonesia to send ten shiploads of palm oil to Pakistan on urgent basis, with the first ship ready to set sail for Karachi on Tuesday, according to a statement issued by the Prime Minister’s Office.
Cooking oil prices in Pakistan have soared to unprecedented levels over the last couple of weeks owing to disruption of international supplies, in turn caused by a squeeze in sunflower oil supply because of the war in Ukraine.
Looking to resolve this supply bottleneck through a top-level government-to-government liaison, Prime Minister Shehbaz Sharif had taken up the matter with President Joko Widodo in a telephone conversation on June 10.
A delegation of Pakistani industry had then dashed to Indonesia and held successful negotiations with the Indonesian authorities, who expedited the proceedings in response to the visitors’ request. The delegation included Chairman Pakistan Vanaspati Manufacturers Association Tariullah Sufi, and member Rasheed Jan Muhammad.
On the express instructions of PM Sharif, Minister for Industries and Production Syed Murtaza Mahmood negotiated the deal with his Indonesian counterpart.
The deal paved the way for the cargo vessel Fortune Glory laded with 30,000 metric tonnes of palm oil setting sail for Pakistan. This will be the first of ten shiploads of palm oil due to arrive in Pakistan over the next couple of weeks, carrying some 250,000 metric tonnes of palm oil.
Indonesia is the world’s leading producer and exporter of palm oil, followed by neighbouring Malaysia.
Pakistan imports palm oil from these two countries to meet 80-90 percent of its total edible oil demand.
The development is expected to help bring down the prices of edible oil in the country.
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