The prices of vehicles have gone up from Rs100 000 to Rs500 000 consequent to the sharp devaluation of the Sri Lankan rupee against the US dollar.
Meanwhile Colombo Traders Federation stated that the prices of all imported goods could soar if the rupee devaluation continues further.
The purchasing price of a US dollar remained at 136.17 while its selling price is 141 rupees.
The rupee value declined by 3% from Friday after the Central Bank allowed the rupee to float.
At the same time, Chairman of the Vehicle Importers Association Indika Sampath Merenchige said the local prices of vehicles have increased due to the increasing import costs.
On Hiru News team contacted Chairman of the Colombo Traders Federation, K. Palaniyandi to comment on the price behavior of imported goods.
He said that the prices of imported goods could be increased if the devaluation of the rupee continues further.
However Finance Minister Ravi Karunanayake said that the government is concerned about the devaluation of the rupee and the consequent influences on the economy.