(UTV | COLOMBO) – The All Ceylon Traditional Coconut Oil Manufacturer’s Association have vehemently refuted a statement by the National Movement for Consumer Rights Protection, predicting an increase in coconut oil prices.
Convenor of the Association Buddhika de Silva said such statements were being made in the hope of making exorbitant profits.
de Silva said coconut oil importers and exporters together with the Coconut Development Board have introduced an artificial price in the market.
He said no price increases have been implemented by local producers who continue to maintain the usual rates.
de Silva claimed that local multinational companies were behind the alleged price increases in order to target higher profit margins.
However the National Movement for Consumer Rights Protection recently claimed that a shortage of 1.9 billion coconuts persists in comparison to the usual annual coconut harvest.
Therefore, the Movement noted the price of coconuts and coconut oil will increase exponentially if the government fails to handle the current shortage of coconuts efficiently.