Trade Minister urges written request for butter import duty revision amid bakery price concerns

Colombo, March 26 (Daily Mirror) - Trade Minister Wasantha Samarasinghe today (26) requested bakery industry professionals to submit their proposals in writing for consideration of revising the import duty on butter, citing the impact of palm oil and butter prices on bakery products.

The request came during a meeting with the All Ceylon Bakery Owners Association (ACBOA) and other industry representatives at the Ministry of Trade, Commerce, Food Security, and Cooperative Development to discuss challenges faced by local manufacturers amid ongoing regional conflicts in the Middle East.

The ACBOA explained their recent decision to raise bakery product prices following last week’s fuel price hike, highlighting that diesel used in bakery ovens is a major cost driver.

Minister Samarasinghe also expressed concerns over potential future price increases, noting that wheat flour suppliers had pledged last week not to raise prices until after the upcoming New Year. The ACBOA assured him that a wheat flour price increase of around Rs. 10 would not trigger another rise in bakery product prices.

The bakery owners further requested easing restrictions on the use of butter, stating that margarine made from palm oil is less healthy. The Minister reiterated that a written submission would be needed for any consideration of import duty revisions.