GIS – 20 June 2018: The enhancement of consumer welfare through stricter control on the quality of both locally produced and imported consumer goods as well as amendments of the regulations under the Hire Purchase and Credit Sale Act to remove any surcharge on late payments have been announced in Budget 2018-2019.
Moreover, the Ombudsperson for Financial Services Bill is being finalised in consultation with relevant stakeholders so as to better protect consumers of banking and financial services. The Budget also makes provision for Blood Glucose Strips to be placed on the list of controlled commodities under the maximum mark-up system. This measure should result in a decrease of between Rs 40 and Rs 170 per pack of 50 strips.
With regard to petroleum prices, it is recalled that there has been an increase in the prices of Mogas and Gas Oil locally due to the surging price of petroleum products on the world market in recent months. Consequently, in a bid to enhance consumer welfare, a reduction of Rs 2.35 per litre of the price of Mogas, that is, from Rs 52 to Rs 49.65; and a reduction of Rs 1.90 per litre of the price of Gas oil (Diesel), that is, from Rs 41.90 to Rs 40, have also been announced in the Budget.
Furthermore, in line with Government’s determination to further assist consumers, especially families with modest income, Budget 2018-2019 makes provision for a reduction in the price of a cylinder of Liquefied Petroleum Gas of 12 kg by Rs 30, that is, from Rs 270 to Rs 240.
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