COL committee meets to implement price reductions

Irangika Range

COLOMBO: The Cost of Living (COL) Committee Chaired by Prime Minister Ratnasiri Wickremanayaka met yesterday to decide on ways of affording maximum relief to consumers following it's decision to remove taxes on 10 essential consumer items.

Trade, Marketing Development, Cooperative Service and Consumer Affairs Minister Bandula Gunawardana told the Daily News that the COL Committee will meet again today for further discussions to decide on measures to lower prices of essential commodities so that the ordinary masses could purchase them at affordable prices.

He said the maximum whole sale prices of essential commodities will be announced by the Government on August 01.

"We have decided to further study the price structure of essential commodities for the next month under the Price Stabilisation Agreement reaching with the Essential Food Commodities Importers and Traders Association," he said.

The Committee has also decided to develop and streamline the Sathosa branch and cooperative network across the country to provide these essential food items without undue delay to the consumers. A campaign will also be conducted to make consumers aware of the current price reduction of essential commodities.