Geo Business

Int’l palm oil price fall trickles little to people

KARACHI: International palm oil prices falling in the market seen trickling down to the people only nominally. Market analysts said that the raw palm oil price in the international market one month ago was $1143 per ton, which due to fall in demand from China and more output declining over ten percent came down to $1025 per ton. Market sources told that in May 2011, 16 litres edible oil wholesale price was Rs2,460, which dropped down by Rs20 only, while 16 kilo ghee tin price declining by about four percent came down to Rs2,480. People said that when the price of raw palm oil rise in the international market, the importers of the edible oil soon hike the local prices, while the benefits of the fall in prices not being passed on proportionately.