Former Deputy Leader of the United National Party and MP Ravi Karunanayake said that the sharp increase in the prices of building construction materials in Sri Lanka is mainly due to high taxes imposed on these items.
Speaking to the media, he stated that the rising cost of construction materials has become the primary reason for the increase in housing prices across the country.
The MP pointed out that essential materials such as cement and iron have become particularly expensive, placing a heavy burden on both the construction industry and ordinary citizens.
He further alleged that a monopoly controlled by two or three parties has directly contributed to the price hikes. According to him, cement prices in Sri Lanka are significantly higher than in regional countries such as India, Malaysia, and Thailand.
He noted that the price of cement in Sri Lanka is approximately 45 percent higher compared to those countries, adding that a similar trend has affected iron prices as well.
The MP emphasized the urgent need to introduce solutions to address this issue, warning that failure to act could lead to the collapse of the construction sector.
