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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2678

Sri Lanka will increase cess on palm oil imports

Sunil C. Perera - Reporting from Colombo

Colombo, 17 June, (Asiantribune.com): The government of Sri Lanka will increase cess by four per cent on palm oil imports to protect the local coconut oil industry.

Coconut Development Minister Salinda Dissanayaka says the will forward a cabinet memorandum to obtain its approval to increase the cess.

He said due to bulk palm oil imports, local coconut oil products have faced number of barriers.

He said most palm oil importers sell inferior palm oil grades in the local market without any barriers.

“Some traders adulterate coconut oil with palm oil and earn huge profits,” said the Minister at a special meeting held in Colombo on Thursday.

Addressing Coconut oil and Copra producers, the minister said the government has allocated 20 million rupees to develop the local coconut sector, while a foreign donor also allocated 5200 million rupees to help the coconut base industries.

Meanwhile local coconut oil millers ask the government to ban palm oil imports to protect the local coconut oil industry.

They said most of the palm oil importers import farm oil fatty acid variety, which is used to manufacture soap. This oil variety is now in local market as cooking oil, they said.

The minister has assured to protect local coconut industry and said the government will grow palm trees to reduce the imports.

- Asian Tribune -

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