THE Consumer Council has applauded government's decision to reduce the price of Liquid Petroleum Gas and steel.
This after the government approved an 11 per cent price reduction on cooking gas while autogas would see a seven per cent drop.
The price of 300 and 500 grade steel will also drop by 4.82 per cent. The new prices will come into effect on Friday.
Yesterday council chief executive officer Premila Kumar said the reductions would see more money staying in consumers' pockets.
"One can see that this approval by government means there will be a huge reduction in the price of LPG.
"Cooking gas is an essential item used in many homes and the price reductions will surely bring about savings for consumers," she said.
With many consumers harbouring dreams of owning their own homes, Mrs Kumar said the reduced steel price could see these dreams become a reality.
"Many consumers are trying to build their own houses and with this drop in the price of steel, more consumers will be able to do so," she said.
She praised government's decision to intervene and reduce the prices instead of leaving them to market forces.
"In reality a market place cannot work for consumers when there are limited players and this was the case in the LPG and steel markets, with this intervention consumers will have more savings."