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Tuesday September 27th, 2022

Sri Lanka’s state-run Litro announces cooking gas price drop

ECONOMYNEXT – Sri Lanka’s state run Litro Gas has decided to reduce cooking gas prices from midnight Monday (08) according to a new pricing formula after it increased prices in June.

A 2.5kg  canister of liquid petroleum (LP) gas will be reduced by 246 rupees to 4,910 rupees.

5kg cylinders will be reduced by 99 rupees to 1,971 rupees and 2.3kg cylinders by 45 rupees to 914 rupees.

Speaking to EconomyNext, Chairman Muditha Peiris said that the company had turned a profit in July after a period of sustained losses.

“We have initiated a few cost-cutting measures and cut all unnecessary expenses, and world gas prices are also on a downward trend. [The pricing formula was a factor too]. We managed to convince [the authorities] to put the current pricing formula in place,” he said, providing reasons for the price revision.

Litro had previously racked up a losses of over 10 billion rupees due to selling gas at lower prices, mismanagement, among other things, said Pieris, but the company is preparing to pay off all debts and resume smooth operations.

“I’m sure by next year we will be able to run smoothly,” he said.

Litro recommenced distribution in June after the company was left unable to import gas. Since then, the long queues that were a fixture in front of Litro retailers have more or less ceased.

“I am saying with complete responsibility that we are managing in a way that Sri Lanka won’t face another gas crisis,” said Pieris, speaking to the press on Monday.

On August 05, the company announced that it had distributed 2.2 million cylinders in 20 days. (Colombo/Aug08/2022)

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