• Expresses concern over unjustified edible oil pricing despite global drop
• Approves Rs72bn housing subsidy for 50,000 low-income families

ISLAMABAD: The government raised serious concerns on Friday over 29 per cent illegitimate profiteering in the edible oil and ghee market and approved a subsidised housing scheme for 50,000 low-income families during the current fiscal year.

Presiding over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, Finance Minister Muhammad Aurangzeb was informed that international prices of edible oil and ghee had declined by 24pc in recent weeks, yet the local industry had failed to pass on the relief to consumers. In some cases, prices were increased by 4-5pc due to weak market oversight.

Officials said the local industry routinely engaged in unfair practices due to a lack of regulation. While the Ministry of Industries and Production assured the ECC of adequate national stock levels, it acknowledged the limited pass-through of international price declines to the domestic market.

The ECC directed strict monitoring to curb price........

© Dawn Business