Agriculture Minister to submit Cabinet paper to reduce coconut oil prices

Saturday, 29 June 2024 00:07 - - {{hitsCtrl.values.hits}}

Agriculture Minister Mahinda Amaraweera on Wednesday confirmed that measures are being taken to address the rise in the price of coconut oil in the market.

Speaking at the Presidential Media Centre he revealed the Government charges Rs. 150 per litre of imported coconut oil at present and he would propose a reduction of this amount via Cabinet paper.

Citing data from the Coconut Development Authority (CDA), he said the annual coconut oil requirement is 25,868 tons. “There are 51,457 tons of coconut oil available within the country,” he said, asserting that the price hike was unwarranted.

However, Minister Amaraweera acknowledged that the increase in fertiliser prices has impacted crops.