Prime Minister Ranil Wickremesinghe has directed the Cost of Living Reduction Committee to submit its recommendations within a week on how to stop the escalation of prices of essential commodities.

The Committee which met last Thursday has been assigned to reduce the Cost of Living owing to escalating prices of gas, wheat flour, vegetables and other food items.

Minister Karu Jayasuriya presided over the meeting on the instructions of the Prime Minister. A Sub Committee has been appointed to recommend ways and means to bring down the prices of some items.

A bumper paddy harvest is being reported after two decades and the Committee has given special attention on how to utilise this for the benefit of both the consumer and the farmer.

The Committee will stock the harvest without being wasted, apart from buying a kilo of paddy at Rs. 13.50.

Meanwhile, the Prime Minister has instructed the Economic Committee to submit its recommendations to reduce the burden of increased crude oil prices if a war breaks out in the Gulf.

The Committee which met under the leadership of the Prime Minister has noted that the price of a barrel of crude oil would go up to US$ 35 to 40 if war begins and a 'plan to face emergencies' is being prepared to counter this situation without burdening the public. The Premier has instructed the Committee to submit a report to him on this matter.

The Committee will submit its recommendations on the possibility of keeping extra stocks of oil and essential food items well ahead of a war.

The Government is considering how to meet the extra expenditure in case of price hikes without passing on the burden to the public.

Ministers Milinda Moragoda, Ravi Karunanayake and Bandula Gunawardene and Finance Secretary Charitha Ratwatte and several others participated.