The Consumer Affairs Authority will be allowed Laugfs Gas to increase the price of a 12.5 kg gas cylinder by Rs. 363 to Rs 1856 while 5 KG cylinder from Rs 143 to 743 State Minister Lasantha Alagiyawanna said.
Addressing a press conference today he told that the decision was taken last evening by a special ministerial committee appointed by the cabinet regarding the matter.
Laugfs Gas PLC which controls 30 per cent of the local LPG market recently suspended its operations as they cannot afford escalating global gas prices without increasing the price in the retail market.
They also claimed that the prevailing foreign reserves problem also have impacted therefore they were declined by banks from opening Letters of Credit to import LP Gas from international markets