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'Fluctuating global oil prices big challenge'

The fluctuating global oil prices have posed new challenges for the sector related businesses where price revisions and action for cost reduction have become the

way forward. The price of LPG during the past few months has gone up unprecedentedly and this has warranted an upward revision of price to sustain business as escalation costs have threatened the company to maintain its operations as usual. We have sought a price increase from authorities and this will implemented in the near future, Laugfs Holdings Chairman W.K.H. Wegapitiya told Daily News Business.

'The external influence on the LPG business is high and it is also a politically sensitive venture. We play according to the market rule and have performed well in a level playing field. The government involvement in the decision making process should support the business growth, 'he said. There should be conducive and encouraging environments to facilitate local entrepreneurs and more institutional support is necessary to produce more for them to take the country into the next level.

Commenting on the global situation Wegapitiya said that the price hike in the world market is due to a number of reasons, the key being the unrest in the Middle East . The consumption of the developed Eastern countries has gone up as the temperature levels in the North Pole has dropped drastically. They use more LPG than before to overcome cold conditions.

The agricultural LPG producing countries have faced a dearth in the supply and they also purchase from the world market which has pushed the prices up, he said adding that we are also faced with a cost increase due to flexible exchange rates.

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