ECONOMYNEXT – Sri Lanka’s privately run Laugfs Gas has reduced the price of domestic gas cylinders, a company statement said.
The new price of a 12.5kg gas cylinder has been reduced by 1,050 rupees effective Wednesday August 17, and will now retail at 5,800 rupees. A 5kg cylinder will be 2,320 rupees, and a 2kg cylinder will be 928 rupees.
The company had received a shipment of 3,120 MT of LP gas on Tuesday, and the stocks would be released as soon as filling station operations commence, they said via Facebook post.
The prices are still much higher than in the state run Litro gas, where a 12.5kg gas cyclinder retails at 4,910 rupees, 5kg at 1,971 rupees, and 2.3kg at 914 rupees.
Litro has commenced using a cost reflective pricing formula that resulted in a slight drop in prices this month.
The company which has been running at a loss for some time, started turning in a small profit from July, Chairman Muditha Pieris said.
Meanwhile, Laugfs Gas, which was at one point the sole gas supplier in the country due to Litro’s inability to import the goods, has made a loss of 1.75 billion rupees in the June quarter due to non-availability of forex.
The company controls 20 percent of Sri Lanka’s LP gas market. (Colombo/Aug18/2022)