No option but to increase prices if US – Iran conflict escalates

16 January 2020 07:39 pm - 5     - {{hitsCtrl.values.hits}}

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The government will have no option but to increase fuel prices if the US – Iran conflict escalates into an all out military clash, Higher Education, Information, Communication Technology and new Inventions Minister Bandula Gunawardana said.

If there is a military confrontation between the two countries, the oil transportation from the Middle East will be fully disrupted and that would directly contribute to increase oil prices in the global market drastically, Minister Gunawardana told reporters and added in such a scenario, the government cannot fully absorb the financial losses.

“Therefore, the consumers will also have to bear part of the losses resulting from the oil price hike,” he said.

Minister Gunawardana said the Ceylon Petroleum Corporation (CEYPETCO) maintains a buffer stock of Octane 92 petrol, Octane 95 petrol, Diesel and Super Diesel sufficient for 20 days and Aviation Fuel for 19 days.

But in a fuel crisis, this stock will not be enough, he said.(Sandun A. Jayasekera)

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  • M A D Kumaran Thursday, 16 January 2020 08:48 PM

    When UNP government increase the price you all started crying but now you say you are forced to do. What a jokers are you.

    cineha Thursday, 16 January 2020 08:51 PM

    Hopefully the price increases will be only after the general elections.

    Jude Thursday, 16 January 2020 09:00 PM

    There'll be absolutely NO military confrontation between the TWO countries!! No spike in world crude oil prices!! In fact on Wednesday price went down by 5% after Iran backing DOWN !!! So DON'T talk crap!! Yeah!!

    Sisil Sudesh Thursday, 16 January 2020 09:18 PM

    We understand that you have to change the tune when in government.

    Janaka Thursday, 16 January 2020 09:48 PM

    What a Joke , Making excuses to increase the Price


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