Edible oil stocks deplete in Pakistan amid shortage of dollars
Business
The stocks can cater the requirements of coming three weeks
LAHORE (Web Desk) - The stocks of edible oil have fallen sharply because of shortage of US dollars in the country and non-clerance of imported consignments at two ports, Duned New has been learnt from reliable sources.
The stocks can cater the requirements of coming three weeks as traders has so far remained unsuccessful to secure Letters of Credit (LCs) amid the shortage of dollar.
More than 10 ships carrying edible oil consignments are also stuck at ports in Karachi and Gwadar. The ships are carrying 175,000 tons of edible oil, a shortage of which has raised concerns of an edible oil crisis in the market.
In December 2022, the State Bank of Pakistan (SBP) decided to roll back restrictions placed on imports with effect from January 2, 2023, allowing authorised dealers (ADs) to prioritise/ facilitate imports according to certain categories.
According to the central bank, ADs may prioritise or facilitate imports under essential imports, energy imports, imports by export-oriented industry, imports for agriculture inputs, deferred payment / self-funded imports and import for export-oriented projects near completion.
These include goods which are related to essential sectors such as food (wheat, edible oil, etc) and pharmaceutical (raw material, life-saving/ essential medicines, surgical instruments including stents).
