Stable prices for essential imported commodities

Irangika Range

COLOMBO: The Government has decided to enter into a forward supply agreement with commodity importers in Pettah to maintain stable prices for 10 essential imported commodities which would come into effect in February, March and April months.

Addressing a news conference to announce a new stable pricing system targeting to reduce the cost of living, Trade, Marketing Development, Co-operative and Consumer Services Minister Bandula Gunawardhana said the Government would provide concessions on import duty for the import of sprats (7500 MT), sugar (12,000MT), dhal (18,000 MT), potatoes (36,000 MT), red onions (5,400 MT), big onions (36,000 MT), dry chilies (12,000 MT), Grams (9000 MT) and Kadala Cowpea (4,500 MT) for utilisation in the next three months.

“We implement a special programme to maintain a stable price on potatoes to protect potato farmers. We already purchase potatoes in Welimada at Rs.47. Economic Centres in Nuwara Eliya and Keppetipola purchase potatoes at Rs.50 and the project seeks to keep the prices at Rs.50.”

According to the agreement, the Government would provide duty concessions looking at the best prises of the importers.

He said essential commodity importers in Pettah have been asked to submit their wholesale prices to the Government before Friday. “Selecting the best and lower prices at the auction, we allow them to import commodities under stable prices. Duty concessions will be decided through a Cabinet paper according to the best prices of importers.

These imported commodities are expected to be distributed through regional cooperative and all Laksathosa branches islandwide at the whole sale prises.”

The Government expects to seek a decline in inflation after the implementation of this agreement within three months and based on further requirements, it will be renewed.