LITRO Gas, a government revenue earner independent of the government, is making losses and is in danger of becoming a government dependent body, the National Coalition for the Protection of LITRO revealed.
In a statement, the National Coalition for the Protection of LITRO pointed out that the LITRO Company, which covers 80 per cent of the country’s LP demand, is a body with an annual revenue of Rs. 50 billion and has paid Rs. 13 billion in dividends during the last ten years alone. The company thus has given a tax revenue of Rs. 34.5 billion to the governmnt, the Union added.
The company, which has won the public’s trust through its continuous efforts in service delivery, has incurred a loss of Rs. 8.5 billion in the last eight months alone due to the decisions made by the government, the Union alleged, adding that this was due to the fact that domestic gas prices were not allowed to increase in comparision of the global market.
In the backdrop, LAUGFS, which recently acquired only 20 per cent of the total gas market in Sri Lanka, has been allowed to raise prices, it added, warning that the formation of Siyolit (PVT) LTD, an entity introduced by the merger of the two, is endangering the future of LITRO.