Jan 07, 2019

Milk powder importers issue warning Featured

Milk powder importers are warning the government that they would suspend clearing their stocks from the port until approval is given to raise prices by Rs. 100 per pack, reports reaching Sri Lanka Mirror say.

They have submitted their request to the Consumer Affairs Authority and the Cost of Living Committee.

Or else, they want the removal of the VAT and the ceiling price.

Importers claim that they incur a monthly loss of between Rs. 30 million and Rs. 40 million from milk powder imports.

They cite an increase in import costs to the high world market prices, depreciation of the Rupee, Rs. 15 tariff, 15 per cent VAT, 7.5 pc port and airport development levy and Rs. 170 NBT per kilo.

Previously, the tariff was only Rs. 2, and the NBT Rs. 135.

Presently, the world market price of milk powder is between 3,250 US dollars and 3,350 USD, and is expected to rise between 3,400 USD and 3,500 USD.