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Treasury hints at formula for gas 

11 Jun 2022

  • Says businesses should not operate at a loss
By Tanya Shan  Following the implementation of a pricing formula for fuel, the Treasury is now hoping to devise a pricing mechanism for gas to ensure that gas businesses are not operating at a loss, The Sunday Morning Business reliably learns.  A senior Treasury official stated that their goal was to ensure that no businesses incurred any losses by selling goods and services at a subsidised rate and therefore a pricing formula for gas was being reviewed at the moment.  Last week, LAUGFS increased the price of domestic Liquefied Petroleum Gas (LPG). Accordingly, the price of a 12.5 kg gas cylinder will be Rs. 6,850 and the price of a 5 kg cylinder will be Rs. 2,740. LAUGFS Gas PLC Chairman W.K.H. Wegapitiya recently told The Sunday Morning Business that Sri Lanka was very far behind in implementing a price mechanism and the Government should ideally have followed a pricing mechanism from the very start. “Now it is too late,” Wegapitiya charged. CNN a few days ago reported that gas prices were already expected to breach the $ 4 per gallon mark for the first time since 2008, with or without shots fired in Eastern Europe or economic sanctions imposed on Russia.  According to Allied Market Research, the global LPG market size was valued at $ 130.1 billion in 2020, and is expected to reach $ 243.4 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 6.5% from 2021 to 2030. LPG is a clean burning, sustainable, and efficient fuel. The growth of the global LPG market is driven by a rise in demand for LPG from various operations. In addition, implementation of stringent government regulations toward environmental pollution is a key factor fuelling the market growth from 2021 to 2030. However, rapid development of the renewable energy sector and inconsistent domestic supply of LPG are the key factors hampering the growth of the LPG market.  

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