The prices of milk power will be reduced from the 15th of December this year following a decision reached at a discussion held between the Minister of Trade, Marketing Development, Cooperatives and Consumer Affairs, Bandula Gunawardena and milk powder importers.

The Consumer Protection Authority will enter into the agreement pertaining to the reduction of prices with the milk powder importing companies on the same day.

Minister Gunawardena noted that although the tax imposed on milk has been increased in this year’s budget it is not necessary for companies to increase the prices of milk power as prices have come down in the international market.
He said that the benefit of price reduction in the international market should be directly passed to the local consumers.

The Minister granted approval for the companies to sell available stocks of milk at the current price, as they informed Minister that these were imported at a higher rate.

The new price revision will be announced on the 15th of December, Minister Gunawardena added.