Feb 16, 2017 (LBO) – Sri Lanka’s Cabinet has approved to amend the special commodity levy on coconut oil and related products to allow importation of 40,000 metric tonnes edible oil required for 04 months.
Coconut Research Institute has forecasted that the coconut harvest may decrease from 13.9 percent in January – August 2017 compared to 2016 and it could cause an increase in coconut price.
Therefore short term strategies should be implemented to maintain the coconut price in a certain level, the newly released statement on cabinet decisions said.
The proposal was made by Navin Dissanayake, Minister of Plantation Industries.
The approved levies are as follows:
i. Reduce special commodity levy of a kilogram of coconut oil from Rs. 150/- to Rs. 130/-
ii. Reduce special commodity levy of a kilogram of crude coconut oil/crude palm oil from Rs. 130/- to Rs. 110/-
iii. Reduce special commodity levy of a kilogram of palm kernel and refined palm oil from Rs. 150/- to Rs. 130/-