Country has sufficient edible oil stocks, says Qamar

ISLAMABAD: The Indonesian government has assured Pakistan it will resume supply of palm oil in the third week of May, Commerce Minister Naveed Qamar said on Saturday.

The meeting of the Prime Minister’s Task Force on Supply of Palm Oil, chaired by Mr Qamar at the Trade Development Authority of Pakistan to review the supply of the commodity in the domestic market, noted that the edible oil stocks in the country are sufficient for the next two months’ consumption and there is no need for panic buying or hoarding.

However, it recommended preemptive measures to manage the supply chain.

The task force was constituted recently to ensure there are no disruptions to the supply of palm oil in the local market.

An official announcement said that the supply of palm oil from Indonesia had been temporarily halted owing to its domestic issues. However, Mr Qamar said that he was reassured by his Indonesian counterpart that the supply would be resumed by the third week of May.

Commerce Secretary Sauleh Faroqui informed the participants that the matter is being taken up at the highest level and the Ministry of Industries and Production and Ministry of Foreign Affairs are also on board to resolve the issue.

A representative of the Pakistan Vanaspati Manufacturers Association informed the Federal Minister for Commerce that at the current stock levels, the market demand could be met for another two months. He further added that more oil will be imported from Malaysia, and other options will also be explored, and hoarding and smuggling of edible oil will not be allowed among members.