The Cabinet of Ministers has approved a proposal to reduce the Special Commodity Levy on imported coconut oil from Rs 150 to Rs 130 per kilogram and crude coconut/palm oil from Rs 130 to 110 per kg.
The cabinet has also approved a proposal to import 40,000 metric tons of coconut oil to control prices in the market.
The Coconut Research Institute has forecasted that the coconut harvest may decrease from 13.9% 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 government said.
Accordingly, the proposal made by Minister of Plantation Industries Navin Dissanayake to amend the special commodity levy as follows, enabling importation of 40,000 MT of edible oil required for 04 months, was approved by the Cabinet of Ministers.
Reduce special commodity levy of a kilogram of coconut oil from Rs. 150/- to Rs. 130/-
Reduce special commodity levy of a kilogram of crude coconut oil/crude palm oil from Rs. 130/- to Rs. 110/-
Reduce special commodity levy of a kilogram of palm kernel and refined palm oil from Rs. 150/- to Rs. 130/-
