Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over a meeting of the Committee on edible oil availability, at Finance Division today. Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Federal Education and Professional Training Rana Tanveer Hussain, Secretary Ministry of Industries & Production, Chairman FBR and senior officers attended the meeting. The Committee was apprised that sufficient stock of edible oil is available in the country. The proposals for the future requirements and import of edible oil for bridging the supply-demand gap were also discussed. Moreover, the impact of importing edible oil on foreign exchange reserves was also highlighted during the meeting. It was informed that the price of edible oil is rising globally which would have significant impact on the trade bill of Pakistan. Federal Minister Rana Tanveer Hussain also gave workable option to enhance local production of Canola oil seeds for import substitution and to ensure availability of the commodity in the wake of global pressure on supply chain. The Finance Minister directed to expedite the process for import of edible oil from Malaysia and Indonesia to ensure the smooth supply to the consumers and stabilize the price hike of edible oil. It was further directed that required steps should be undertaken to enhance the local production, so that its impact on foreign exchange reserves could be minimized.
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