"If The Price Formula Was In Place There Would Not Have Been A Large Gas Price Increase At Once": Wegapitiya

Laugfs Gas Chairman WKH Wegapitiya says that if the price formula that had been in place previosly had been retained, there would not have been a large increase in prices at once.

He made these remarks while speaking to a private TV station on the increase in Laugfs gas prices. The price formula was introduced under the previous government by former Finance Minister Mangala Samaraweera.

He said that an economy with a developed market should allow the market to function on the basis of supply and demand as well as the transaction between the consumer and the trader.

He said he had set gas prices to cover only his company's costs, adding that he expects world gas prices to rise by $ 50- $ 60 in the coming months.

He said the government had more to do with consumer protection, adding that people would not have to face such a situation if they had the opportunity to raise gas prices from time to time.

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