Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Law will be strictly enforced against errant traders arbitrarily raising prices - Finance Minister
Mon, Jul 16, 2018, 10:53 am SL Time, ColomboPage News Desk, Sri Lanka.

July 16, Colombo: Sri Lanka's Minister of Finance and Mass Media Mangala Samaraweera says law will be strictly enforced against errant traders who are raising prices of essential items arbitrarily.

He said the government has decided to strictly enforce the law against traders who use the revision of fuel prices as a justification to raise prices of essential items and services.

Accordingly, the government will take steps to introduce a strong new bill to overcome the shortcomings in the existing Consumer Affairs Authority Act to protect consumer rights, said the Finance Minister addressing a media briefing recently.

According to the fuel pricing formula introduced by the government on 11th May, the fuel prices will be revised in line with the market price on the midnight of the 10th of every month.

When asked whether the government has a plan to protect the consumer if the traders decide to raise the prices of other goods and services related to fuel prices, the Minister said that fuel prices alone cannot be used to raise prices of goods and services.

"In our country not only fuel prices, if the prices of all goods and services are increased, the prices in the market will be increased immediately but if the prices are reduced the benefits are not passed on to the consumers," he pointed out.

"Therefore we need to create moral qualities in traders. We need to train them to do the same when the prices are reduced as when they are raised," he added.

Minister Samaraweera said the Minister of Industry and Commerce Rishad Bathiudeen is taking measures to draft the new laws required to protect the consumers from unscrupulous traders.

The Minister explained that a number of factors decide the price hikes on goods and services, and the prices cannot be raised based on fuel prices.

He said the price of goods and services should be increased carefully and fairly and the government is carrying out this responsibility with great care.


ColomboPage - Recent 10 Stories ::
CID visits former president's house to record statement
-- [53 minutes ago]
Sri Lanka's manufacturing and services growth slows down in July 2018
-- [1 hour and 52 minutes ago]
Sri Lanka's apparel sector training body to expand services to South Asia
-- [2 hours ago]
Minister Kiriella to attend former Indian Prime Minister's funeral
-- [4 hours ago]
New entrepreneurs to be trained in developing businesses under the 'Enterprise Sri Lanka' loan program
-- [4 hours ago]
Possibility to amend the Sri Lanka FTA with Singapore within a year - Minister
Sri Lanka Premier condoles former Indian Prime Minister Atal Bihari Vajpayee's demise
Sri Lanka and Oman sign agreement on avoidance of double taxation to enhance economic relations
New special police unit to be established in prisons
Education Ministry lodges complaint with CID over false news report

Copyright © 2000, 2016 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.