Litro Gas Lanka Ltd. raised prices of liquefied petroleum gas (LPG) for a third successive month in November. The latest price hike took effect at midnight on November 4th.
The price of a 12.5 kg cooking gas cylinder was increased by Rs. 95 to Rs. 3565, while the price of a 5 kg cylinder was increased by Rs. 38 to Rs. 1431. The price of a 2.5-kg cylinder was increased by Rs. 18 to Rs. 668.
Global gas prices typically increase in the winter months, and overall gas prices are set to increase.
According to the International Energy Agency (IEA), the global gas market has been experiencing a supply shortage and a surge in demand since mid-2021, which has led to a sharp increase in gas prices, especially in Europe and Asia. The IEA projects that global gas demand will grow by 2.6% per year until 2030, driven by the industrial sector and the power sector in emerging economies. However, the IEA also warns that the high gas prices could have negative impacts on the energy security, affordability, and sustainability of the gas industry.