Minister of Power and Energy Kanchana Wijesekera told journalists in Colombo that the cabinet also granted approval to amend the general policy guidelines for the electricity industry.
The cost-reflective pricing will come into effect this month, he said.
Earlier, the minister said the electricity tariff must be increased by around 65 percent to ensure a continuous power supply this year.
Sri Lanka increased electricity tariffs in August 2022 as well.
The state-owned electricity producer and distributor Ceylon Electricity Board incurred a loss of over 150 billion rupees (413 million U.S. dollars) in 2022.
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