Sri Lanka’s state- run electricity monopoly will raise tariffs by a smarting 264 per cent for people consuming the least, it blazoned on Tuesday, while advanced druggies will face a lower increase.
The loss- making Ceylon Electricity Board(CEB) said the controller had allowed it to carry out the sharp increases, the first in nine times, from Wednesday to recoup part of its accumulated losses of $616 million.
The CEB had asked for a bigger tariff increase of over 800pc, but the controller limited it at a outside of 264pc, officers said.
Two- thirds of the 7.8 m homes using lower than 90 kilowatts a month will be affected by the loftiest increases, while bigger consumers will pay about 80 percent more, according to sanctioned records.
The lowest consumers, presently charged2.50 rupees a unit, will be charged8.0 rupees. Bigger consumers, being charged 45 rupees a unit, will have to pay 75 rupees($0.20).
Sri Lanka is facing its worst profitable extremity after running out of foreign exchange reserves to finance indeed its utmost essential significances similar as food, energy and drug.
The country is also facing hyperinflation and lengthy electricity knockouts after the CEB was unfit to buy oil painting for its thermal creators.
unfit to repay its $51 billion foreign debt, the government declared it was defaulting in April and is negotiating with the International Monetary Fund for a possible bailout.
