Litro Gas to close down in three months?

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Owing to the current Liquified Petroleum (LP) Gas crisis in the market, Litro Gas will have to close down in three months, the National United Litro Guardianship said.

Speaking at a media briefing today (18), Propaganda Secretary of the Union, Piyal Colambahettige explained that the company has incurred losses of nearly Rs. 11 billion just within the last year.

“During the height of COVID, Litro was the only company that sold gas at a loss. We did not want to burden the public, however, we are now at a loss because of that decision we took”, Chairman of the Union said.

In relation to solving both the gas crisis and the dollar crisis, Colambahettige suggested that the country halt all gas imports. 

Speaking about the ships carrying gas that were docked at the port nearly two weeks ago,  he stated that while one was unloaded at a loss of nearly Rs.150 – Rs.200 million, unloading the other would not only intensify the dollar crisis, but also bring about a “lack of rupees”.

“We will not run out of dollars only, but also Rupees”, he said in this regard.

When questioned on a potential price hike of LP Gas, Colambahettige stated that while the topic is yet to be discussed in particular, it is likely that this will be the only solution for the company’s survival.

He noted, however, that they are unable to quote an exact price as of now, due to the constant fluctuation in exchange rates.