Mar 16, Colombo: The Consumer Affairs Authority has allowed importers to increase the prices of imported milk powder according to a new milk food price formula, Minister of Industry and Commerce Rishad Bathiudeen said.
Accordingly, the price of a kilogram of imported milk powder will be increased by Rs 60 while a 400g packet of milk powder will go up by Rs 25.
The new price of a 1kg imported milk powder packet will be Rs 920 while 400 grams of milk powder will cost Rs 370.
The companies importing and distributing milk powder in Sri Lanka has requested the Consumer Affairs Authority to grant permission to raise the prices of the powdered milk due to the increase of prices in the world market and depreciation of rupee.
Milk powder is an essential commodity in Sri Lanka and subjected to price control by the government.
In response to the request of the importers, the Cost of Living Committee has approved increasing the price of all milk powder except infant formulas by Rs. 80 for a kilogram.
The importers have warned that they would stop importing milk powder stocks since they have not been given permission to increase prices and a shortage of milk powder was observed in the recent past.
A Committee appointed with the aim of finding a suitable solution to the price of imported milk powder, has proposed a price formula on imported milk powder, taking into consideration the prices prevailing in the international market and the fluctuations in the exchange rate, so as to be beneficial to the Government as well and to those engaged in the milk powder industry.
Accordingly, the cabinet this week granted approval to implement the price formula through the Consumer Affairs Authority.