Litro announces price reduction in advance

Litro Gas Lanka Ltd., Chairman Muditha Peiris yesterday confirmed that the price of its LP gas cylinder will drop by Friday, passing on the benefit of the reduced international market price.

“We anticipate a price drop of over Rs. 50 for a 12.5 kg LP gas cylinder which will be passed on to the consumer as a concession,” he told journalists yesterday.

Currently, a 12.5kg canister is sold at Rs. 4,910, whilst a 5 kg cylinder at Rs. 1,97 and 2.3 kg at Rs. 914.

Peiris said the Ministry of Finance through the Presidential Secretariat has introduced a price formula for gas and according to the formula, gas prices will be reduced accordingly during the week as well.

He explained that the positive aspect of the price formula is that the benefits of reducing gas prices in the world market will be granted to the public.

However, the Litro Chairman also claimed that price fluctuations in the future cannot be predicted, adding that occasional gas price revisions will take place.