The Samagi Jana Balawegaya claims prices of goods and services will rapidly increase in the coming months.
Speaking in Parliament MP Ashok Abeysinghe said Sri Lanka has been branded a bankrupt nation by international credit rating agencies.
He condemned the state of finances of the country adding the International Monetary Fund has informed that it will not provide assistance to a country that defaulted on its debt.
The MP said the price of bread will increase to Rs.200-250 by May adding a kilogram of sugar or rice will reach Rs.300-400 per kilogram.
He claimed a kilogram of dhal will sell at Rs.1,000 in the months to come while a kilogram of fish will cost Rs.5,000.
MP Abeysinghe said public income has not increased over the past months despite the rising cost of living.
Meanwhile, Parliamentarian Harsha de Silva charges that fuel prices cannot be increased by the Minister of Energy without the knowledge of the Minister of Finance.
Joining the debate in Parliament yesterday, MP de Silva questioned how the Energy Minister increased fuel prices when the Finance Minister is away in the United States.
MP de Silva said an acting Finance Minister has not been appointed and questioned as to who approved the revision without a valid signature.
He added the President acquiring powers through the Constitution, has brought disrepute on the Parliament.
Minister Dinesh Gunawardena joining the debate said when the subject Minister is not in the country, the decision is vested with the President as cited in the Constitution.
