The Milk Powder Importers Association (MIA) yesterday said that there are possibilities of reducing the prices of imported milk powder again from the end of next month or from early June.
MIA member Lakshman Weerasuriya told Sunday Observer Business that according to the current dollar value against the Sri Lankan rupee, the price of milk powder will come down further in future and the benefit will definitely be passed on to consumers from next month.
He said the MIA reduced milk powder prices by Rs. 200 from early this month and predicted a similar price reduction or more than that from the end of next month or from early June.
“However, the exact amount of the price reduction depends after the ordered stocks arrive in the Colombo Port and also after finishing the clearing process from the harbour,” he said.
Weerasuriya also said it takes nearly five months for the shipment to arrive in Colombo after placing the order. He said the price reduction of milk powder depends on the then dollar value in the World Market.
He said unlike earlier local milk powder importers take speedy measures to clear stocks from the port warehouse without letting them idle for long periods at the port since such a situation will also affect milk powder prices.
Meanwhile reports say that Sri Lanka’s monthly milk powder consumption is between 6,500 to 7,000 metric tons.