Special commodity levy on palm oil to be increased

COLOMBO (News1st): The special commodity levy on palm oil will be increased from Friday, sources said, citing the depreciation of the rupee as the main reason for the hike. The special commodity levy imposed currently for the final product of palm oil is currently Rs 200 a litre, documents published on the Department of Customs website show. "This will be increased by Rs 100," sources at the Department of Trade and Investment Policy told News1st. The intermediate and raw products of palm oil will also be hiked proportionally. "Otherwise, if someone imports raw materials and produces palm oil they will gain undue advantage," sources added. Sri Lanka's rupee slid to a record low of Rs 200.47 against the US dollar on Thursday, central bank data showed.