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Gas to normalize the market very soon

Local News from Sri Lanka: Local Liquefied Petroleum Gas (LP) gas suppliers told the media yesterday that supplies of LP gas have now increased, ending instability and shortages in most parts of the country, and stocks have been secured for the next three months.

“We are currently supplying an additional 500 metric tons on a daily basis due to panic buying,” said W.K.H Wegapitiya, Chairman of Laugfs Holdings. “We received supplementary supplies yesterday, but on November 11 we anticipate our largest stock of 22000 MT,” he said.

Wegapitiya said that beginning this week, the company had restored its normal supplies and told customers that it had enough stocks to last until December. In the wake of a perceived shortage, he said excessive demand from customers has further aggravated the situation leading to scarcity. “This happened at a time when the country is about to face an election, unfortunately, but the shortage has no hidden political hand,” he said.

Litro Gas Managing Director Muditha Peiris said the company had replenished its LP gas stocks and attributed scarcity to the attack on Saudi Aramco oil facilities, the attack on the Iranian oil tanker and bad weather around the country. “We received 3700 MT on Sunday, 3800 MT on Monday and expect another large shipment on 12 November,” he said. “We placed 80,000 cylinders on the market on Monday, 140,000 on Sunday and 100,000 yesterday. We assume that this will be enough to replenish stocks.” Peiris said the price reduction of LP gas had triggered additional purchases as buyers of firewood and kerosene switched to LP gas due to the price reduction. He also attributed the acute shortage to global incidents that caused a downturn in the supply of LP gas to South Asian countries as well as bad weather. He denied arguments that this shortage was created by a secret political hand

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