No decision has been taken over a possible gas price increase, Industry and Commerce Minster Rishard Bathuideen said yesterday.
He explained that though gas companies, Litro and Laugh had requested for a Rs.300 increase in price, Cabinet had decided to go ahead with a gas price formula before instituting any change.
"They have every right to ask for an increase,but, there are various processes that must be followed before a price increase can be approved. We have a committee at the Consumer Affairs Authority and the Cost of Living Committee which has to approve all this"," the Minister said at a media briefing held at the Ministry.
"Further, the gas pricing formula is yet to be finalised," the minister added.
The companies had pointed out that the price of gas had increased in the international market and thus they would prefer a subsequent increase in local prices.