Drop in world gas prices likely in March - Laugfs Chairman

Industrial analysts said that the world gas price may drop in March this year. Laugfs could pass that benefit to the customers, Laugfs Gas Chairman W. K. H. Wegapitiya said.

Gas companies entered into an agreement with the Consumer Affairs Authority (CAA) for a "formula pricing mechanism" last year and revised prices at the beginning of this year.

Wegapitiya said that the new price revision has been done according to the pricing formula. This is an important parity price mechanism of enjoying a price reduction. During the winter season gas prices peak and in summer season prices drop, he said.

The government has already provided tax concessions for LPG imports and nearly 30 per cent of the population uses LPG gas in Sri Lanka.

(LSA)