Sugar price in Sri Lanka is skyrocketing. According to the media report, the wholesale prices of sugar in Sri Lanka has seen a rapid hike after wholesale traders increased the commodity price by Rs 25 per kg in just 10 days.
Sri Lanka’s government had recently announced to import sugar from India to low down the rising commodity prices in the country. Currently, sugar import is now under licence and requires prior consent from the Controller of Imports and Exports. On recommendations of Trade Minister Bandula Gunawardena, the cabinet had allowed importing 2,500 tonnes of sugar per month.
Earlier, State Minister of Minor Export Crops Janaka Wakkumbura had stated that Sri Lanka may suspend sugar imports to prevent profiteering by importers who had stocks for more than six months in case of any increase of import tax on sugar.