Sri Lanka Slashes Power Tariffs Amid Financial Crisis

Sri Lanka's power regulator announced a 22.5% reduction in power tariffs for residential users starting July 16. Industrial tariffs will see an even larger cut of about 33%. This move aims to alleviate the cost of living pressures during the country's worst financial crisis in decades.

Sri Lanka's power regulator announced on Monday that power tariffs for residential users will be slashed by 22.5% starting July 16, in an effort to mitigate the rising cost of living for millions amid the nation's most severe financial crisis in decades.

In addition, industries will benefit from a substantial reduction, with power tariffs decreasing by approximately 33%, according to the regulator. This measure is part of a series of initiatives aimed at revitalizing the country's beleaguered economy.

The tariff cuts come as Sri Lanka grapples with economic hardships, and authorities hope that reduced energy costs will provide much-needed relief to both households and businesses.

(With inputs from agencies.)