W.K.H. Wegapitiya, the Chairman of Laugfs Gas, speaking to the media today (11) said that he will be introducing a transparent price formula revising the price of gas every month in meeting the market behaviour, in the event that the control price for gas has been removed.
Laugfs had to increase the price of gas from midnight yesterday (10) due to the price surge in the global market and the depreciation of the value of Sri Lankan Rupee, he pointed out.
According to the revised prices, the new price of a 12.5 kg domestic gas cylinder will be Rs. 2840 and the price of a 05 kg domestic gas cylinder, Rs. 1136.
As of now, the price of a metric tonne of domestic gas has surged to US$895 in the global market and this figure will exceed US$1000, the Laugfs Chief warned.
The company’s cost had also gone up due to the Covid-19 pandemic, which ended up in making transportation problems, he added.
The main reason for the shortage of gas in the country was liquidity, Wegapitiya went on, adding that the absence of dollars to open letters of credit (LC) had also catered to the problem.