July, 30, 2021
The entire domestic electrical wiring requirement in Sri Lanka is produced by local industries and the industry contributes to the export market as well.
Copper, the main raw material for these products is being imported and the price of domestic electrical wires has been on the rise in recent days due to an increase of the price from US $ 5,000 to US $ 10,000 per metric ton, according to the Consumer Affairs Authority's investigation team.
Accordingly, three rounds of discussions were held with the companies and the maximum marked prices of 90% of their products will be reduced by 11% and one product only reduced by 5% from 1st of August 2021 as agreed by the companies. Further the prices will not be increased in the near future except in special circumstances.
The following companies participated in this discussion.
Item list of the price reduction is attached herewith