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Minister Justifies Price Hike

May 5, 2011 11:44:59 AM - thesundayleader.lk

Cooperatives and Internal Trade Minister Johnston Fernando has justified the government’s decision to increase the prices of milk powder saying it has averted a threat of a possible milk powder shortage.

Fernando has said that while the milk powder companies had requested for price increases for a long time, the government had granted permission to increase only part of the amount requested.

He has added that the country would have been faced with a milk powder shortage had the government not permitted a price hike.

Fernando has observed that the price increase was granted after the Ministry and Consumer Affairs Authority (CAA) had closely analyzed the rising price of milk powder in the global market.

The country’s annual demand for milk powder amounts to 65,000 metric tons while the country produces only 8000 metric tons, he has said.