LP gas prices likely to go up: State Minister

State Minister of Consumer Protection Lasantha Alagiyawanna yesterday confirmed that Liquefied Petroleum Gas (LPG) firms have requested for a price hike given the global spikes.

“LPG is no longer being sold at a Maximum Retail Price (MRP) and the two companies can decide on the price factor. They have requested for a price hike,” he told journalists yesterday.

However, he pointed out that the Government will intervene if the distribution companies try to impose an unreasonable price increase.

The Finance Ministry released $ 15 million yesterday to the State-run Litro Gas to unload LPG from the three vessels. The company said it has started unloading 2,600 tons of LPG from one vessel, while it will unload 3,500 tons from other two shipments today.  

State Minister Alagiyawanna also said that the escalated foreign exchange crisis is the key reason for the shortage of LPG in the market today.

“The devaluation of the rupee will have an impact on the prices as well. It is certain that the prices will go up when you have to purchase a dollar that was at $ 202 for $ 230 now,” he stressed.