No justification for coconut oil price hike, says Coconut Development Authority

The Coconut Development Authority has stated that there is no valid reason for an increase in the price of coconut oil in the local market.

Its chairman, Professor Roshan Perera emphasized that there has been no tax hike on imported coconut oil, which totaled 42,000 metric tonnes as of May this year, double the amount imported last year. 

Given the sufficient supply of coconut oil for domestic consumption, Prof. Perera asserted that any price increase is unjustifiable. 

Additionally, a new regulatory program is being planned to control and stabilize coconut oil prices in the market, he added.