Measures are underway to introduce a price formula to control the prices of Liquefied Petroleum (LP) gas sold by both Laugfs and Litro Gas Lanka, Minister of Trade Nalin Fernando revealed.

Speaking in this regard, Fernando highlighted that when compared in the market, the prices of Laugfs gas are higher than those of Litro.

Thus, he noted that following discussions with officials from Laugfs in this regard, the LP gas supplier has promised to reach an agreement pertaining to a price revision within the upcoming week.

Accordingly, a price formula is due to be introduced for the gas company in the future, the Minister said.

Meanwhile, Fernando also assured that all required measures will be taken to release the stocks of imported eggs into the local market within the next few weeks.

Concurrently, State Minister of Finance Ranjith Siyamabalapitiya revealed that the existing tax on imported coconut oil will be increased, in a bid to protect local manufacturers of coconut oil.

Litro domestic gas cylinder