The Coconut Development Authority (CDA) said that the decision to slash the import duty for edible palm oil from 28% to 5% will enable the consumer to enjoy price reductions in coconuts and coconut oil, a press release said.

Chairman of the CDA, D. J. U. Purasinghe was quoted in the release as saying that the price of a coconut is expected to stabilise around Rs. 32 while a bottle of coconut oil will come down to Rs. 180. He also pointed out that the escalation of coconut prices in recent times was due to poor productivity levels of coconut planations.