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Sri Lanka: Tsunami Price Alert!

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DeepFreakingValue

DeepFreakingValue
Manager - Equity Analytics
Manager - Equity Analytics

Sri Lanka: Tsunami Price Alert! Price_10

Prices of many essential goods and services have been increased with effect from 1st January 2024 due to government decision to increase the Value Added Tax (VAT) to 18%. Some of the key price revisions are given below.

Fuel Price Increase
The Ceylon Petroleum Corporation (Ceypetco) announced that fuel prices will be revised with effect from 5.00 a.m. today (January 01).

Petrol 92 Octane: 346 to 366 (⬆ 20, +5.78%)
Petrol 95 Octane: 426 to 464 (⬆ 38, +8.92%)
Auto Diesel: 329 to 358 (⬆ 29, +8.81%)
Super Diesel: 434 to 475 (⬆ 41, +9.45%)
Kerosene: 247 to 236 (⬇ 11, -4.45%)
Adjustments following VAT & PAL changes.

Litro Gas Price Increase (Rs.):

12.5kg: 3,565 to 4,250 (⬆ 685, +19.21%)
5kg: 1,431 to 1,707 (⬆ 276, +19.29%)
2.3kg: 668 to 795 (⬆ 127, +19.01%)

The hike in LP gas prices extends its impact beyond households, severely affecting local restaurants and the bakery sector. Consequently, this hike will translate into increased food prices across the board.

Water tariff increase
The National Water Supply and Drainage Board says that water tariffs will be increased by 3% on January 1, 2024. Its Deputy General Manager Piyal Padmanatha Gajaweera Arachchi says that a 3% Value Added Tax will be imposed on water, due to the VAT revision which is to be effective from the 1st of January 2024.

Liquor Price Increase
The prices of all liquor products manufactured by the Distilleries Company of Sri Lanka PLC (DCSL) are expected to go up from 01 January 2024. Accordingly, the prices of all DCSL brands of liquor will be increased by Rs. 90, Rs. 50 and Rs. 20, per 750ml, 375ml and 180ml, respectively.

A gazette notification has been issued by the Finance Ministry increasing the Excise Duty on Liquor with effect from today (January 01). Accordingly, the excise duty on Special Arrack has been increased by Rs. 840 per litre and the excise duty on Palmyrah, Coconut and processed Arrack has been increased by Rs. 900 per litre of alcohol.

Tobacco Price Increase
The decision comes in the wake of an upward revision in Excise Duty and Value Added Tax (VAT), resulting in price hikes of Rs. 5, Rs. 15, Rs. 20, and Rs. 25 per stick, effective today. The Ceylon Tobacco Company cites the adjustment in taxes as the primary factor behind the surge in cigarette prices.

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