Palm oil price significantly drops in global market

The price of palm oil in the global market has seen a significant decline on an annual basis.

According to media reports, the price of palm oil in the international market on the last day of 2022, December 31 was $887.93 per metric ton, which settled at 783.55 dollars metric ton at the end of the December 31, 2023. During one year, the price of palm oil decreased by more than 104 dollars per ton.

In the international market of palm oil, there was a decrease of $104.38, which is a decrease of 11.66%, however the price of edible oil and ghee made from palm oil in Pakistan was not reduced by this ratio.

On the other hand, the price of wheat decreased by Rs8.47 per kg, which is 9.89% reduction, but the people are not getting flour at a lower rate than this.