New Year with a round of price increases, as cost of living rises

A range of price increases has come into effect with the dawn of 2024 with more to follow in the coming few days.

Most increases were as a result of the imposition of the increased Value Added Taxes (VAT).

Telecommunication charges, gas prices, fuel, food items, transportation charges connected directly with the cost of living were among the increases.

The Price of Litro domestic LP gas has been increased with effect from today, according to its Chairman Muditha Peiris.

Accordingly, the 12.5 kg cylinder has been increased by Rs.685 to Rs. 4,250, the 5kg by Rs. 276 to Rs. 1,707 and the 2.3 kg by Rs. 127 to Rs. 795

Laugfs Gas also increased its LP gas prices from today. Price of 12.5kg has cylinder was increased by Rs. 755 making Rs. 4,740 its revised price while the 5kg cylinder was increased by Rs. 305 with Rs. 1,900 being the new price. 

The day started off with the Ceylon Petroleum Corporation (CPC) announcing a fuel price increase with effect from today morning. The Lanka IOC and Sinopec followed the announcement by increasing their process too.

The CPC Prices are as follows: Petrol 92 Rs. 366 (increased by Rs. 20 per litre), Octane 95 Rs. 464 (increased by Rs. 38, Auto Diesel Rs. 358 (increased by Rs.29), Super Diesel Rs. 475 (increased by Rs. 41), Kerosene reduced by Rs. 11 to Rs. 236.

Sinopec said it will be selling Petrol 92 at Rs. 363, Auto Diesel Rs. 355, Petrol 95 Rs. 464 and Super Diesel Rs.475 per litre.

Three-wheel taxis too have increased their fares with most of them charging Rs 100 per KM from the second KM onwards instead of Rs 80.

The All-Ceylon School Children Transport Association said they will be increasing their charges from the next term which commences in early February.

The President of the ACSC Lalith Fernando said that with the fuel increase they had no alternative other than increasing charges.

In addition, the prices of cigarettes have been increased with effect from today (January 1) in view of the increase in Excise Duty and VAT. Accordingly, Prices have been increased under three categories - Rs. 5, Rs. 15 and Rs. 25 per cigarette.

Among other increases to be followed are the increases in Water bills by three per cent.

Meanwhile private companies said that they were expecting electronic item prices too to be increased in view of the imposition of the VAT.