Sri Lanka slams price controls on sugar at Rs90
ECONOMYNEXT – Sri Lanka has slammed a price control on sugar at 90 rupees a kilogram for packeted sugar and 85 rupees when sold loose.
The Consumer Affairs Authority, the price control agency has decreed an importers maximum wholesale price for 80 rupees a kilogram, in a gazette notice signed by Major General Shantha Dissanayake, its chairman.
Sugar prices were higher due to high taxes imposed by the state.
Taxes were then cut and prices decreed.
The price control agency contributes to regime uncertainty and is part of the framework of policy uncertainty that is dogging the country critics have said. (Colombo/Nov11/2020)