Friday, February 24, 2012

Milk powder prices to go up Rs.15 ?

Milk powder importers threatened to stop imports unless Consumer Affairs Authority (CAA) did not permit to increase a packet of 450 gram milk powder by Rs.15 by next Wednesday.

Addressing a news briefing last afternoon in Colombo, CEO of the Maliban, Lukshman Weerasuriya said the decision was a collective one as all milk powder importers that represent 95% of the local milk powder market find it extremely difficult to engage in the milk powder trade as it has become a loss making exercise.

“All 6 milk powder importers incur a loss of Rs. 37 for every kilogram of milk powder they sell in the local market due to the devaluation of the rupee and increase of the US dollar. The demand to increase the price of milk powder is nothing to do with the global market price or any other overheads but solely on these two factors,” Mr. Weerasuiya stressed.

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