Sri Lanka raises cooking gas prices

Mon, 20 May 2013 23:45:25

06 Jan, 2013 08:45:08

Jan 06, 2012 (LBO) - Sri Lanka's consumer affairs office has raised the price of liquefied petroleum gas by 150 rupees per 13.5 kilogram cylinder to 2,396 rupees under a regulated pricing formula.

Prices of both state-run Litro Gas and Laugfs will go up, reports said.

Domestic LP Gas prices are regulated by the CAA with a provision for monthly adjustment.

Due to quick pass-through LP Gas imports do not pressure Sri Lanka's exchange rate.

In the case of diesel and electricity, state energy utilities take large volumes of loans to finance subsidies, which result in exchange rate depreciation when the Central Bank tries to prevent interest rates going up, by sterilizing foreign exchange sales.