An approximate reduction of 20% in the prices of goods and services in the market is likely following the revision of electricity prices, Minister of Power and Energy Kanchana Wijesekera said.
The new electricity tariff revision will take effect from July 16, the Minister said, while the next revision has been scheduled for October.
“The government has decided to revise the electricity tariff every January, April, July, and October each year. Following the price adjustment in March, the Public Utilities Commission (PUCSL) requested a July revision instead of April.
Therefore, the new electricity tariff revision will take effect from July 16. The next revision is scheduled for October,” he said.
The Minister made these remarks addressing a media briefing held at the President’s Media Centre.
This tariff revision has provided the most relief to consumers using less than 90 units of electricity, particularly benefiting the 79% of households in this category, Minister Wijesekera revealed.
“There has been a significant 20% price reduction for factories and small businesses in this electricity tariff revision. Despite this reduction, it appears unlikely that the prices of goods and services, which typically rise on the same night as electricity price hikes, will decrease accordingly. Recently, fuel and kerosene prices have also dropped without leading to lower consumer prices.
Therefore, with the substantial decrease in electricity costs this year, we urge the public to take advantage of these savings, with the potential for at least a 20% reduction in overall expenses,” the Minister said.
Responding to criticism that the electricity price revisions coincided with upcoming elections, the Minister said that the policies were formulated in 2022 through a formal process. The policies result from sound policy decisions rather than populist measures, he said. (Newswire)