Colombo, Feb 21- The Ceylon Electricity Board (CEB) is planning to reduce electricity tariff rates by 18 percent soon, Daily Mirror learns.

Earlier, the CEB said the price reduction is possible mainly due to the increased percentage of hydropower in the energy mix of the country. Sri Lanka received sufficient rainfall recently increasing the power generation capacity of major plants.

It is now expected to submit proposals for tariff reduction to the Public Utilities Commission of Sri Lanka. The tariff rates were increased for the last time in October, last year.

The decision to raise tariffs came after the Ceylon Electricity Board requested the PUCSL to adjust electricity prices to offset the costs incurred during periods of arid weather conditions in the South Asian country.

Also, the CEB raised the tariff by 66 percent in February, and there was a reduction in the rates by 14 percent with effect from July.