Import levies on oil products slashed

Thursday, 16 February 2017 00:39 - - {{hitsCtrl.values.hits}}

Following forecasts by the Coconut Research Institute (CRI) of a harvest decrease of 13.9%, the Government yesterday took steps to reduce import levies on edible oil imports in a bid to control coconut prices.

As the CRI issued a downward forecast on January-August 2017 production compared to the corresponding period of 2016, leading to an increase in coconut prices, Plantation Industries Minister Navin Dissanayake recommended price control measures as a short-term strategy. Further, the proposal to amend the special commodity levy on edible oil imports up to 40,000 MT required for four months has also been approved by the Cabinet.

Accordingly, a special commodity levy on a kilogramme of coconut oil has been reduced from Rs. 150 to Rs. 130 while the levy for crude coconut oil/crude palm oil has been brought down to Rs. 110 from Rs. 130. The special commodity levy for a kilogramme of palm kernel and refined palm oil has been reduced from Rs. 150 to Rs. 130.