By Uditha Jayasinghe
Laugfs Gas Chairman W.K.H. Wegapitiya told The Nation that gas prices would be reduced from the beginning of next month. However he was unable to specify the amount. Nonetheless the company had earlier stated that it would be able to reduce prices by Rs.120 and despite being reluctant to name an amount, Wegapitiya assured that Laugfs Gas would reduce prices as much as possible and, “might even be more” than announced earlier.

He also stressed that if world market prices kept declining the company would reduce another round of prices in January.
“World market prices have dropped to US$70 a barrel and economists have predicted that it might come lower still. Therefore we will definitely reduce prices in January as well,” he said.

When asked if he had obtained Consumer Affairs Authority (CAA) approval for the reduction, he remarked that it was not necessary to make an application to be deliberated over during 30 days, as was the normal practice, but had notified them according to the auto pricing formula adopted by both gas companies.
The largest gas supplier in the country, the Shell Company could not be contacted for comment.

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