He will consider a proposal submitted to the ministers at their meeting yesterday (09).
There is a tendency that an increase in taxes will make smokers to turn to other tobacco-related products, says Karunanayake.
The proposal is to raise the 71 per cent tax on cigarettes to 90 pc.
However, president Maithripala Sirisena says Sri Lankans spend Rs. 500 million a day on cigarettes and other drugs.
An increase in prices will discourage smoking, he says.
Low-income persons spend 35 pc of their income on drugs, survey statistics say.
In the past year, Rs. 212 billion worth of alcohol and drugs had been consumed by Sri Lankans.
Also, they lead to 50 per cent of family disputes, while 20 pc of beds at state hospitals are allotted for persons suffering from alcohol and drug related illnesses.