Colombo, Jan 10 (IANS): Amid the ongoing economic crisis, Sri Lanka's cabinet of ministers has approved the implementation of a cost-reflective electricity tariff formula.
Minister of Power and Energy Kanchana Wijesekera told journalists here that the cabinet also granted approval to amend the general policy guidelines for the electricity industry, reports Xinhua news agency.
The cost-reflective pricing will come into effect this month, he said.
Earlier, the Minister said the electricity tariff must be increased by around 65 per cent to ensure a continuous power supply this year.
Sri Lanka increased electricity tariffs in August 2022 as well.
The state-owned electricity producer and distributor Ceylon Electricity Board incurred a loss of over 150 billion LKR ($413 million) in 2022.