Rice, B'onions, coconut oil prices down for festive season

Shirley WIJESINGHE

The Government has taken measures to reduce the price of rice, B'onions and coconut Oil for Christmas and New Year.

The measures taken yesterday by the committee appointed to review the Cost of Living included importing 30,000 metric tones of rice without tariff through the Government, stopping the export of coconuts and importing 32,000 Metric Tonnes of copra, importing coconut oil and B'Onions from India.

Trade, Marketing Development, Cooperative and Consumer Services Minister Bandula Gunawardana revealed this at a media briefing organised to inform committee decisions at a meeting led by Prime Minister Rathnasiri Wickramanayake last morning.

Gunawardana said the low tax on vegetable oil imports would remain. "This was at 20 per cent and was reduced to 18 per cent. It is now 10 per cent," the Minister added.

He said the fluctuating price of a barrel of fuel in the World Market was affecting the country's economy. Developed countries utilising cereal and pulse for animal feed and to generate alternative energy such as bio-fuel mass has also caused this situation, the Minister said.