Sri Lanka Slashes Electricity Tariffs By Over 22.5%

The Public Utilities Commission of Sri Lanka (PUCSL) has approved a substantial reduction in electricity tariffs. Effective midnight on July 15, 2024, electricity tariffs will be cut by an average of 22.5 per cent. This decision follows the government’s policy to revise tariffs quarterly.

PUCSL Chairman Manjula Fernando announced that domestic consumers using less than 30 units of electricity would see a 25 per cent cut. Those consuming between 61 and 90 units will benefit from a 55 per cent reduction. Additionally, religious institutions will receive a 30 per cent tariff decrease.

Minister of Power and Energy Kanchana Wijesekera confirmed these adjustments. According to him, the government will use a cost-reflective pricing mechanism to better manage energy costs.

The revised tariffs followed a previous reduction of 21.9 per cent in March 2024. The new pricing structure benefits domestic users and supports the industrial and hotel sectors, with daytime tariffs for these categories reduced by 25 per cent. Micro, small, and medium enterprises (SMEs) will also enjoy similar reductions.

According to Fernando, one of the primary concerns during the public hearing was to extend these benefits to the hotel industry, which recent economic conditions have significantly impacted. The substantial cut in fixed charges and unit costs is expected to ease the financial burden on households and small businesses across the country. This tariff reduction also marks a continued trend of lowering electricity costs for Sri Lankan consumers. It comes just ahead of elections, a move likely to be well-received by the public as it directly impacts daily living costs.

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