Lanka Sathosa has reduced the prices of several essential goods, effective from today (Jan. 22).

As per the instructions of the Ministry of Trade, Commerce, Food Security, the following price reductions are now in effect at all Lanka Sathosa outlets islandwide:

White sugar: Reduced by Rs. 2 (New price Rs. 240 per kg.)
Brown sugar: Reduced by Rs. 40 (New price Rs. 300 per kg.)
Imported potatoes: Reduced by Rs. 30 (New price Rs. 180 per kg.)
Red peas: Reduced by Rs. 30 (New price Rs. 765 per kg.)
Sprats: Reduced by Rs. 20 (New price Rs. 940 per kg.)
Dried chillies: Reduced by Rs. 15 (New price Rs. 830 per kg.)
Basmati rice: Reduced by Rs. 10 (New price Rs. 645 per kg.)
Imported big onions: Reduced by Rs. 10 (New price Rs. 230 per kg.)
Lentils: Reduced by Rs. 2 (New price Rs. 288 per kg.)
Local cashew nuts: Reduced by Rs. 100 (New price Rs. 995 per kg.)

The Ceylon Chamber of Coconut Industries has urged the government for permission to import 200 million coconuts with the next few months.

President of the Ceylon Chamber of Coconut Industries Jayantha Samarakoon said that the major reason for the current coconut shortage is the spike in fertilizer prices.

Speaking at a media briefing held at the National Chamber of Commerce Auditorium yesterday (21), he mentioned that the coconut imports are essential at this time to counter a severe shortage that threatens both domestic supply and export revenue.

Samarakoon attributed the coconut shortfall to skyrocketing fertilizer prices, which have discouraged growers from adequately nourishing coconut crops. He warned that if coconut stocks needed for the coconut-based export industry are not imported immediately, Sri Lanka could lose approximately USD 1 billion in revenue.

He further highlighted that the country’s monthly coconut demand stands at 250 million nuts, of which 150 million are consumed domestically while 100 million are utilized by the industrial sector. However, production has failed to keep pace.

Sri Lanka’s annual coconut yield, which previously averaged 3 billion nuts, dropped to 2.68 billion nuts last year. The Coconut Research Institute has forecast a further decline this year, with production estimated to fall to between 2.4 and 2.6 billion nuts. The institute also predicts a shortfall of 200 million coconuts between January and April 2025, exacerbating the crisis.

In response, the Chamber has proposed importing alternative coconut products such as coconut milk, coconut kernel, dried coconut kernel, or peeled coconuts to bridge the deficit.

Additionally, Samarakoon noted that a steep increase in fertilizer costs—from Rs. 1,500 to Rs. 12,000 per 50 kg bag—has resulted in reducing the growers using fertilizer to less than 10%, further worsening the production slump. 

The Chamber has requested that the government provide fertilizer at a subsidized price of Rs. 4,000 per bag and expressed optimism that the upcoming budget will address this issue.

The Chamber also urged the government to introduce subsidies for water supply and soil conservation, which are critical to sustaining coconut cultivation.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

Central Bank of Sri Lanka (CBSL) has conducted investigations and determined 21 companies as those that have engaged in pyramid schemes prohibited under Section 83 (C) of the Banking Act, No. 30 of 1988 as amended.

The companies are as follows :