Sri lanka News – Sri Lanka’s state-run Litro Gas will reduce cooking gas prices for the second consecutive month on Monday 05 September after the implementation of the new price formula, Chairman Muditha Pieris said.
Gas prices increased in June and dropped in August, according to a newly introduced price formula where gas prices are reviewed and amended each month. A similar system was put in place for fuel.
The new prices will be announced and go into effect from Monday midnight.
Pieris said that Litro had been providing cooking gas for the lowest prices, and could not take responsibility for pricing at other competing institutions.
“We hope to maintain prices at a lower level than other institutions, in line with global prices,” Pieris said.
Litro maintains a roughly 90-percent market share over LP gas in Sri Lanka.
“[With the new pricing formula] the small profit that is made will be turned over to the Treasury at the end of the year…and giving it back to the people,” he said.
Current base rates of domestic cooking gas cylinders in Sri Lanka are as follows:
2.3kg cylinders are 869 rupees
5kg cylinders are 1,872 rupees
12.5kg cylinders are 4,664 rupees
Prices vary according to district due to transportation costs, with 12.5kg cylinders retailing for slightly over 5,000 rupees in some districts. (Colombo/Sep02/2022)