Decision taken to import coconut oil to control market price

A decision has been taken to import coconut oil to control the market price, the Government said today.

Cabinet spokesman Gayantha Karunatilake said cabinet has approved a proposal to import 40,000 MT of coconut oil.

The Coconut Research Institute has forecast the coconut harvest may decrease from 13.9% in January – August 2017 compared to 2016 and it could cause an increase in coconut price.

Therefore it was proposed that short term strategies be implemented to maintain the coconut price in a certain level.

Accordingly, the proposal made by Navin Dissanayake, Minister of Plantation Industries, to amend the special commodity levy, enabling th importation of 40,000 MT of edible oil  required for 04 months, was approved by the Cabinet of Ministers. (Colombo Gazette)


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