Aug 30, 2021

Minister to waive Rs. 240m demurrage of unreleased sugar stock! Featured

It is reported that the Minister of Ports - Rohitha Abeygunawardena is preparing to release 600 containers of sugar which have not been released from the port for nearly two months, until the sugar prices turn better.

Out of these, 433 containers have been brought in by 09 prominent sugar importers in the country.

The demurrage for the entire sugar stock of 12,000 MT would be around Rs. 240 million, reports say.

It is said that this consignment of sugar has been imported from India under import licenses through letters of credit issued by commercial banks.

The demurrage for the relevant stock of sugar is to be waived and the stock is to be handed over to the CWE, which is selling a kilo of sugar at Rs. 130 at the present.

It is said that the wholesale price of a kilo of sugar in India last May was around 20 - 23 Indian rupees, which is close to LKR 63.

However, port sources say that if the stock wasn't released for several months, it could have been confiscated.

130 containers to be re-exported

Meanwhile, reports say that another 130 containers of sugar imported without a license by another sugar importer have been held at the Colombo port for two months.

It is reported that 130 sugar containers being shipped to Myanmar, had been offloaded at the Colombo Port due to an issue in that country.

As the Controller of Imports and Exports had not allowed this stock to be brought into the country, steps have been taken for re-exportation.

Top