Ministry of Industry & Commerce Decided Not to Permit to Increase of Milk Powder Price (UPDATE)

The Ministry of Industry and Commerce has decided not to permit to increase of milk powder price anymore.

A senior Ministry spokesperson said that further study was being carried out regarding the action that should be taken to prevent importers from falling into difficulties due to the price fluctuations in the world market.

While the price of a metric tonne of milk powder in the world market ranges between $ 3250 and 3350, reports say that there is a possibility that price would rise to $ 3400 and 3500 during the next 2 months.

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ (UPDATE)

Milk Powder Importers Request CAA & Cost of Living Committee to Grant…..

Milk powder importers said, that they stopped importing milk powder from last week following its increase in the world market.

This decision was taken considering the dollar increment of milk powder stocks in the world market and inflation of the dollar against the rupee.

“The cost of one metric ton of milk powder in the world market is US$ 3,250-3,350. It can go up to US$ 3,400-3,500 by June. Against this backdrop, we requested the Consumer Affairs Authority (CAA) and the Cost of Living Committee to increase the price of one kilo of imported milk powder by Rs.100 to cover up importer costs. The sudden stoppage of importing new stocks has been informed to Prime Minister Ranil Wickremesinghe,” they said.

The importers  further said “Milk powder stocks available in the local market will be sufficient only for the next two or three weeks. Afterwards, there will be a shortage”

Hence, they request the Consumer Affairs Authority and the Cost of Living Committee to grant them a price hike of at least Rs.75 per kilo of milk powder.