Multinational companies are trying to create an artificial shortage of coconut oil during the forthcoming Sinhala and Tamil New Year festive season and increase the prices of coconut oil, said Secretary, Traditional Coconut Oil Manufacturers’ Association, Buddhika de Silva.
These multinational companies have started to hoard coconut oil in large quantities to earn massive profits, he told the Sunday Observer yesterday.
He said these companies are trying to hoard coconut oil in large quantities and make people stand in queues to purchase coconut oil during the New Year festive season and, moreover, they are also attempting to embarrass the Government.
“We, the traditional coconut oil manufacturers, are ready to manufacture an adequate quantity of coconut oil for local consumers at reasonable prices and hence the Government sector should distribute our products islandwide to avert any such shortage in the country next month,” he said.
“We have already informed the Consumers’ Affairs Authority (CAA) over this possible racket and appeal to the authorities to defeat the sinister move of multinational companies to exploit consumers during the forthcoming New Year festive season,” he said.