Govt reverses Litro gas price hike

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The Government on Friday (22), rejected the price revision announced by Litro Gas for a 12.5 kg cylinder of domestic gas, shortly after the company announced the price hike.

The company announced that the price of a 12.5 kg cylinder of gas would be increased to Rs 5,175, with effect from midnight Friday (22).

A spokesperson for the company said Litro Gas is currently facing a daily massive loss of Rs 250 million on gas imports.

He further said that the company incurred a loss of Rs 2,000 million last year.

Hence, in view of the increasing dollar rate and to maintain the supply of gas and keep the company afloat, the price of gas had to be revised.

However, the price revision did not receive approval and the aforementioned cylinder of gas will continue to be sold at its previous price of Rs 2,675.

By Tharaka Samman