Import levy on edible oil increased by Rs. 20 per kg

The Government yesterday imposed a Rs. 20 per kg special commodity levy on imported edible oil with immediate effect.

The Finance Ministry in a statement said that the tax hike was implemented to provide relief to the local coconut industry. 

As a result of the tax hike, the selling price of imported crude edible oil will increase from Rs. 90/kg to Rs. 110 per kg, while refined oil will increase from Rs. 110 per kg to Rs. 130 per kg.

The ministry said that the edible oil was imported as a substitute for coconut oil in the country and in order to protect the local coconut oil industry.

During this month, the Government increased import levy on three essential commodities such as sugar, potatoes and big onions.