The prices of 12.5kg domestic LITRO gas cylinders will be reduced by Rs. 246 from midnight today, LITRO Lanka Chairman Muditha Peiris said.

Accordingly, the new retail price of the 12.5kg gas cylinder will be Rs. 4,664.

The 5 kg gas cylinder will be reduced by Rs.99 and the 2.3 kg cylinder will be reduced by Rs.45 from tonight.

The price reduction is mainly due to the fluctuation in global gas prices, the chairman said.

The price revision took place by collective efforts taken by the Finance Ministry, Consumer Affairs Authority (CAA), the Presidential Secretariat and with LITRO Lanka Ltd., following new added features to the existing gas price formula.

LITRO has started to gain marginal profit from July by providing domestic gas. With the minor profits, we are currently settling our loans to bring gas.

Earlier, the gas price was increased by Rs.50, and the selling price was Rs.4,910.

We have received more than 10 gas shipments and we have already managed to receive gas stocks for the month of August.

With the receipt of continuous gas cargo, we have overcome the gas shortage in the country. The next gas price revision will come to effect on the first week of every month according to Saudi Arabia's ARAMCO price index. (Chaturanga Samarawickrama)