Coconut Development Authority rejects price hike for coconut oil

Wednesday, 19 June 2024 00:22 -     - {{hitsCtrl.values.hits}}

CDA Chairman Prof. Roshan Perera 

The Coconut Development Authority (CDA) announced yesterday that there is no justifiable reason for the recent spike in coconut oil prices in the market. 

CDA Chairman Prof. Roshan Perera citing an analysis of current market conditions, stated that there have been no recent tax increases on imported coconut oil. 

He revealed that as of May this year, 42,000 tons of coconut oil have been imported into Sri Lanka, marking a twofold increase compared to the previous year. 

“The significant increase in coconut oil imports ensures that there is sufficient supply to meet the country’s consumption needs. Therefore, any increase in the price of coconut oil is unjustifiable and unacceptable,” the Chairman said.

The announcement follows public outcry and claims from various consumer and industry groups about the unfair rise in coconut oil prices, which has contributed to the soaring cost of living. 

Prof. Perera also noted that the CDA cannot endorse the price hikes, asserting that the market is well-stocked with coconut oil. 

In response to the situation, he said the CDA has planned to introduce a new regulatory program aimed at stabilising and controlling the price of coconut oil in the market. “This initiative is expected to prevent unjustified price increases and ensure fair pricing for consumers,” he added.