Price of coconut oil expected to continue to surge?

The price of a bottle of coconut oil has rapidly increased in the market by around Rs.150.

The All-Ceylon Traditional Coconut Oil Manufacturers’ Association alleges that this increase is due to coconut oil importers holding onto their stocks in anticipation of the upcoming festive season.

The Convener of the association, Buddhika de Silva claimed that the coconut oil importers are arbitrarily raising prices and warned that prices could rise by up to Rs. 1,000 per bottle.

He also criticized the government’s inaction stating that, “To date, the Ministry of Finance has not imposed taxes on coconut oil, the Ministry of Plantation Industry has not implemented regulations, and there has been no intervention from the Coconut Development Authority.”

De Silva urged the government to allow the importation of essential raw materials for local industrialists, industrialists to help reduce coconut oil prices.