Aug 30, 2020

Vehicle sales face closure as prices skyrocket

It is reported that the car dealers have upped the price of all vehicles between Rs. 500,000 - Rs. 3,000,000.

Vehicle imports are already suspended and secretary to the President - P.B. Dissanayake said that the importation of vehicles has been suspended and a stockpile enough to last 2.5 years has already been imported.

The decision has reportedly been taken to allow small scale car sale owners to close down their businesses after selling off the remaining cars at a maximum price while allowing businessmen with car stocks to conceal their stocks and artificially increase prices.

Also, some car dealers that used to sell only unregistered vehicles have now started selling registered vehicles.

It is said that the price of vehicles that were previously sold for Rs. 6 - 7 million has now been increased to Rs. 9 - 11 million.

Economic analysts say that the newly increased sum is a net profit as vehicles were already sold at a profit previously.

Therefore, it is reported that a group has requested the Ministry of Finance to conduct an immediate count of vehicles that have not been imported but remains unsold so far.