Price formula for gas approved

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The Cabinet of Ministers has approved the implementation of a cost-representative price formula, which will go into effect on the fifth day of each month.

Cabinet Spokesman Bandula  Guanwardena yesterday (9) said, this would ensure continuous gas supply and revision of domestic gas prices based on the aforementioned price formula. The President submitted the Cabinet Paper in his capacity as Minister of Finance, Economic Stability, and National Policies.

Litro Gas Lanka reduced the prices of domestic LP gas and accordingly, the price of a 12.5kg Litro domestic LP gas cylinder has been reduced by Rs 246 and the 5kg cylinder by Rs 99.

Meanwhile, the 2.3kg gas cylinder has been reduced by Rs 45.

The price of gas with effect from 11 July was as follows: 12.5kg – Rs 4,910 and according to the new revised price it will be Rs 4,664. Also, 5kg was Rs 1,971 and according to the new revised price will be R 1,872 and 2.3kg which was Rs 914 it will be R 869.

Chairman of Litro Gas Lanka Mudith Peiris said the Litro Gas Lanka tries its best to keep up with the price fluctuations in the global market.  “Starting from this month the price of the gas will be calculated in the first week of every month considering the prices in the global market on the 1st of every month and the revised price will be announced by the end of the first week of every month,” he added.

BY Thameenah Razeek