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Monday, 11 March 2019 - 12:53
Milk powder price formula to be implemented in a week
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Non Cabinet Minister of Economic Reforms and Public Distribution, Dr. Harsha de Silva says that a pricing formula for imported milk powder will be introduced in a week.

cabinet approval for the implementation of a price formula was received following a request from milk powder importers that pricing be increased.

Accordingly, the respective pricing formula allows for change relative to the global market fluctuations in milk powder prices.

Non Cabinet Minister of Economic Reforms and Public Distribution, Dr. Harsha de Silva noted that companies have, in the last ten years, experience large profits through the importing of milk powder.

The minister also noted that he is prepared disclose details regarding those profits

Meanwhile, as a consequence of milk powder import companies failing to have stocks of milk powder released from the port in February, supplies have been notably low in the marketplace.

Failure to release stocks was a protest action, where companies were demanding that milk powder prices be increased.

A senior officer at a leading milk powder company, stated that if the respective milk powder price formula is in fact announced, scarcity in the marketplace could be avoided.

 

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