Reviewing the budget for the fiscal year 2021-22, Eva Cooking Oil Chief Executive Officer (CEO) Shakil Ashfaq said that the increase in sales tax on the import of soybean seeds will have a direct impact on edible oil and chicken feed prices.
Shakil Ashfaq is also the Vice-Chairman of the All Pakistan Seed Extracting Oil Association (APSEOA).
The edible oil will automatically get expensive by Rs 21 per liter and chicken feed is also expected to rise by Rs 4 per kilogram (kg), he told while talking to News360.
The government has increased the sales tax on soybean seeds and poultry feed by 10% to 17% which would make edible oil and chicken costlier.
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APSEOA vice chairman expressed his concerns that the tax hike on poultry raw material would surge the rates of poultry products too.
Moreover, he said that all oil and ghee mills producing soybean cooking oil in Pakistan depend on imported seeds.
Last year, the prices of soybean seed in the international market surged by 77% which made edible oil and poultry products already expensive, he added.