The start of the new fiscal year in Pakistan has brought significant changes to the prices of some of the most consumed packaged milk brands in the country, Olper’s and Milk Pak. As of July 1, 2024, these brands have seen a substantial increase in their prices due to the federal government’s imposition of an 18% General Sales Tax (GST) on packaged milk.
Impact of GST on Packaged Milk Prices:
In late June, the National Assembly approved the budget for the new fiscal year, which included the 18% GST on packaged milk, herbal and homeopathic medicines, and food items. This tax hike has directly impacted the prices of Olper’s and Milk Pak, leading to a significant rise in their retail costs.
New Prices Effective from July 1, 2024:
- 250ml Pack: The price of the 250ml pack of Olper’s and Milk Pak has increased by Rs25, bringing the new price to Rs95. This increment will felt by households across the country, especially those who rely on these brands for daily consumption.
- 1000ml Pack: The 1000ml pack of both Olper’s and Milk Pak now costs Rs370. The increase in price reflects the additional tax burden and will affect larger families and those who purchase milk in bulk.
- 1500ml Pack: The price for the 1500ml pack of Olper’s and Milk Pak has risen to Rs510-535. This significant increase is likely to impact both individual consumers and commercial entities that use packaged milk for various purposes, including cooking and dessert preparation.
Consumer Reaction:
The price hike has sparked concern among consumers, many of whom rely on these brands for their daily dairy needs. The increased cost will likely affect household budgets, particularly for families with lower incomes. The rise in prices has also raised questions about the affordability of essential food items following the new fiscal policies.
The imposition of the 18% GST on packaged milk has led to a noticeable increase in the prices of Olper’s and Milk Pak, two of the most widely consumed milk brands in Pakistan. As the new prices come into effect from July 1, 2024, consumers urged to adjust their budgets accordingly and explore potential alternatives to manage the increased costs. The impact of this price hike will closely monitored as households and businesses adapt to the new economic landscape.
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