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| Sunday, 26 June 2005 |
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Business |  |
| News Business Features Editorial
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Shell to drop bombshell soon Shell Companies Sri Lanka Ltd., is planning for a 10 per cent LP Gas price hike very soon in the wake of world oil price increase, its sources said. Currently, a Court case is pending against the Consumer Affairs Authority (CAA) by Shell, not permitting them to go ahead with its planned price revision, sources said. At present, a 13.5 kilo gram LP Gas cylinder cost around Rs 800 and with the proposed 10 per cent increase it could go up to Rs 880. However, Shell wants to increase it to Rs 900 a cylinder to be viable in the business, the company source said. Since the company could not raise the price for a considerable period, Shell is faced with a financial crisis, its sources said. Meanwhile, Laugfs Lanka Gas (Pvt) Ltd is also awaiting the CAA green light to increase their prices. The company has made repeated requests to the CAA regarding the price revision and no response has been received upto now, its Managing Director W.K.H. Wegapitiya said. A price of a Laugfs LP Gas cylinder is marked around Rs. 875 in the market and with the proposed price revision it could possibly touch around Rs. 950, its sources said. HS |
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