Laugfs Gas halts Sri Lanka LPG import over price controls

Published

4 years ago

2021/07/25

Laugfs Gas Plc said it has halted import and distribution of liquefied petroleum gas imports as authorities had denied a price hike despite soaring raw material prices.

Laugfs said it had requested a price increase from Sri Lanka’s Consumer Affairs Authority, which is operating as a price control agency.

“The decision of the authorities concerned has been delayed in this regard and it is still pending,” the firm said in a stock exchange filing.

“The company will use its best endeavours to continue to negotirate with the authorities to resume supplies of LP Gas at its earliest.”

The firm lost 954 million rupees in the March 2021 quarter as global prices rose and it was denied price hike.

Laugfs is estimated to have a 20 percent market share.

Price controls of the generally cause shortages and also creates a ‘black market’ at the market clearing price or higher levels.

Sri Lanka’s Consumer Affairs Authority has previously created shortages of items like tinned fish and lentils through its price controls. (ECONOMYNEXT)

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Ambassador of Indonesia to Sri Lanka calls on PM

Published

5 hours ago

2025/03/20

Priyan

The Ambassador of Indonesia to Sri LankaDewi Gustina Tobing, met Prime Minister Dr. Harini Amarasuriya at the Parliament of Sri Lanka to discuss strengthening bilateral relations between the two nations.

The discussions focused on enhancing cooperation in trade, tourism, technology, and education, with both sides reaffirming their commitment to fostering diplomatic and economic ties for mutual benefit.

A key area of focus was expanding tourism exchanges, including religious tourism, which holds significant potential for growth.

The two delegations also explored opportunities in trade, particularly the importation of palm oil and the introduction of organic liquid fertilizers to support Sri Lanka’s agriculture sector.

Collaboration in the IT industry was highlighted as another promising area of partnership, alongside discussions on integrating electric vehicles into Sri Lanka’s public transport system.

The Sri Lankan delegation, led by Additional Secretary to the Prime Minister, Mrs. Sagarika Boghawatta, included officials from the Ministry of Foreign Affairs. The Indonesian delegation was represented by Deputy Ambassador . Fiki Oktanioand Minister Counsellor Mrs. Lailal K. Yuniarti.

[Prime Minister’s Media Division]

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Former IGP Deshabandu Tennakoon further remanded until April 03.

Published

6 hours ago

2025/03/20

Priyan

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