Commodity levy reduced to control coconut price

  👤  3334 readers have read this article !
By 2017-02-16

The cabinet has approved the reduction of the special commodity levies of coconut oil, crude coconut oil/crude palm oil, palm kernel and refined palm oil, as a preemptive measure to tackle an expected reduction in the coconut harvest. According to a proposal submitted for cabinet approval by Minister......of Plantation Industries Navin Dissanayake, this will enable the importation of 40,000 MT of edible oil required for four months.

Accordingly the special commodity levy of a kilogram of coconut oil has been reduced from Rs 150/- to Rs 130/-, that of a kilogram of crude coconut oil/crude palm oil from Rs 130/- to Rs 110/- and a kilogram of palm kernel and refined palm oil from Rs150/- to Rs130/-.

The Coconut Research Institute has forecasted that the coconut harvest may decrease by 13.9% in January – August 2017 compared to 2016 and it could cause an increase in coconut price. Therefore this is a short term strategy to control the drop in the current production level of the coconut processing industries due to the shortage of yield in 2017 and the disparity in distribution of the prevailing number of coconuts between the industries.

Dessicated coconut exports contribute to 16% of the export income of coconut products and amounted to approximately US$ 84,000 in 2016. Around 350,000,000 nuts of the national yield were utilized for the purpose, which is about 10% of the number of coconuts used for the industry.

PRINT EDITION

News

Read More

Columns

Read More

Sport

Read More

Focus

Read More

Opinion

Read More

Features

Mosaic

Read More

Lite

Read More

Hello

Read More