Coconut oil prices in Sri Lanka expected to continue rising
(Photo by Towfiqu barbhuiya – Pexels)
The price of a liter of coconut oil in Sri Lanka has increased by around Rs. 100, the National Consumer Front (NCF) announced today (June 17).
NCF Chairman Asela Sampath said the price of a liter of coconut oil has risen to between Rs. 180 and Rs. 200. As a result, the current retail price is now Rs. 550 per liter.
He requested the Sri Lankan government to investigate hidden stockpiles of coconut oil.
Meanwhile, the All-Ceylon Traditional Coconut Oil Manufacturers’ Association says the price increase is due to importers holding onto their stocks ahead of the upcoming festive season.
The association’s convener, Buddhika de Silva, said importers are raising prices arbitrarily and warned that prices could go up to Rs. 1,000 per bottle. He criticized the government’s lack of action, stating, “So far, the Ministry of Finance has not imposed taxes on coconut oil, the Ministry of Plantation Industry has not implemented regulations, and the Coconut Development Authority has not intervened.”
De Silva urged the government to allow the import of essential raw materials for local producers to help lower coconut oil prices.
Latest Headlines in Sri Lanka
- Sri Lanka advances economic reforms as IMF review approaches October 25, 2024
- Tension at Pamunugama Police Station over alleged assault on arrested youths October 25, 2024
- Three Chinese nationals arrested in Galle for suspected online financial fraud October 25, 2024
- INSS hosts lecture on military innovations and their impact on national security October 25, 2024
- Sri Lanka arrests three over security threats against Israeli tourists October 24, 2024
