Gas shortage to be resolved next week?
August 8, 2021 11:04 am
The shortage of gas in the market has been created due to an issue of opening Letters of Credit required to import gas, Laugfs Gas Chairman K. V. Wegapitiya said.
He says that the issue arose due to the difficulty in obtaining dollars from local banks for loans.
He added, “We are in a difficult situation today due to a foreign exchange problem in the country. It has further increased over the past year by importing gas to Sri Lanka and selling it at less than the cost. If anyone buys something for 100 rupees and sells it for 50 rupees, over time the financial circulation will stop.
The main reason for this is the unnatural increase in gas prices in the world market over the past year and a half. “
However, Minister Bandula Gunawardena said that he expects to reach an agreement with the Ministry of Finance within the next week regarding the problem faced by Laugfs Gas.
“Gas and oil prices have risen in the world market. If they are sold at a higher price and sold at a lower price, the company will go bankrupt. Therefore, the Ministry of Finance and the State Gas Company will take steps next week to remedy the situation. We are trying to devise a methodology. “
