Sri Lanka to raise LP Gas prices 8.3-pct: report
Sep 18, 2017 09:48 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka will raise domestic liquefied petroleum gas prices by 8.3 percent to 1,431 rupees per 12.5 kilogram cylinder, a media report said.
Sri Lanka's Island newspaper quoted a statement by Minister Malik Samarawickrama saying that the price of a 12.5 kilogram cylinder will be raised "in view of higher gas prices in the international market".
The cabinet of ministers had approved the hike following a recommendation by the Cost of Living Committee chaired by Minister Samarawickrama, which includes ministers Mangala Samaraweera, Rishad Bathiudeen, Duminda Disanayake, P.Harrison and Mahinda Amaraweera.
Under the last regime, LGP prices were raised by a court-ordered monthly price formula. The current 'good governance' administration re-politicised prices.
Analysts say market pricing on a formula as well as fixed taxes on imported goods will reduce room for corruption. (Colombo/Sept15/2017)