Sri Lanka's privately owned The Daily Mirror newspaper quoted power ministry secretary M M C Ferdinando as saying there may be possibility of cutting the tariffs.
The Lankadeepa newspaper said there was speculation of a 20 percent reduction in the increase for users below 150 units.
The report said President Mahinda Rajapaksa was unhappy at the increase amid rising opposition.
Sri Lanka has an established tariff methodology, which has been observed in the breach, but following a public hearing the island's power regulator did not make any changes to the final proposed tariffs of the power utility as expected.
Opposition legislator Harsha de Silva slammed the regulator accusing it of bowing to pressure by agreeing to meet the President and key officials on the eve of the tariff decision, saying users below 48 units who were 'electricity poor' should be insulated.
More than 90 power consumers from as far as Jaffna came to the hearing and its inability to apparently under political pressure to make even small changes to the proposed tariff had contributed to public displeasure and disillusionment critics say.
Though many users said they understood the need for the increase they said it was too steep, as some users faced an increase of up to 50 to 100 percent.
There was also unhappiness over the so-called 'golden unit' where a 1,000 rupee increase was faced in the bill when monthly consumption shifted from 90 to 91 units of power.
Economic analysts say many of these pleas could have been accommodated by the regulator if the necessary institutional independence was given. Even under existing rules, tariffs are to be revised every six months.
Sri Lanka's rulers through several decades have a habit of not raising energy prices regularly by small amounts based on costs and arbitrarily pushing through shock price rises after driving the country into economic troubles and currency depreciation.
Sri Lanka has to raise tariffs to cut losses at state-run Ceylon Electricity Board and Ceylon Petroleum Corporation.
Energy firm losses financed by bank credit, ultimately accommodated by the Central Bank through printed money triggered a balance of payments crisis in 2011 sending the rupee down to 134 from 110 to the US dollar.
The entities now owe more than 200 billion rupees to state banks which are finding it difficult to finance their losses further.