Friday, 15 March 2019 05:27

Price formula for milk powder

Cabinet this week gave approval to introduce a new pricing formula on imported milk powder, the Government Information Department said.

The price formula being introduced will take into consideration market prices and exchange rate fluctuations to ensure that benefits are transferred to consumers, the Government, and the milk powder industry, the Information Department Cabinet briefing notes said.

Making the proposal to the Cabinet, Agriculture, Rural Economic Affairs, Livestock Development, Irrigation, and Fisheries and Aquatic Resources Minister P. Harrison recommended that the price formula be implemented by the Consumer Affairs Authority.

Importers of powdered milk have been calling for a revision of maximum retail prices, following the devaluation of the rupee experienced last year. However, the Government has not yet responded to the requests favourably.


(FT)

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