(UTV | COLOMBO) – Liquid Petroleum Gas (LPG) companies in Sri Lanka have scheduled a meeting on Monday to decide on the prices of LPG.
The companies say that they make heavy losses by selling domestic gas and that the losses amount to Rs. 1000 per cylinder given the gloomy economic condition. The rise in the value of the dollar and the rise in the increase of LPG internationally have added to the burden, said the companies. An increase in shipping insurance premiums and transportation costs due to a hike in fuel are other factors that have caused losses.
Since there are no existing price controls currently, the Consumers Affairs Authority (CAA) said that it was up to the companies to decide on pricing. The CAA says that it has not received a proposal to increase the price of LPG.
“Letting the dollar free-float will definitely impact every product that is imported into the country including LPG,” said Chaminda Ediriwickrama, the former CEO of Laugfs.
“Increase in LPG prices will impact the livelihood of the Sri Lankan people but it is a need considering the global scenario,” said Ediriwickrama.