Muditha Peiris, Chairman of the state-run Litro Gas Ltd. says a reduction of LP gas prices by August 5 is likely. 

According to him, the reduction will be far greater than the recent increase of Rs. 50 and will be done according to the price revision formula. 

Currently, a 12.5kg cylinder is sold at 4,910 rupees, 5kg at 1,971 rupees and 2.3 kg at 914 rupees.