Last Updated : 2019-07-22 09:32:00

Fuel price revision after consulting Prez, PM: Arjuna

19 April 2018 11:45 pm - 9     - {{hitsCtrl.values.hits}}

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A price revision on fuel will only be carried only after consulting President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe, Petroleum Resources Development Minister Arjuna Ranatunga said today.

He said the government had to decide whether the Ceylon Petroleum Corporation (CEYPETCO) needed to be operated as a public service utility because it had incurred heavy losses over the years.

The minister told CEYPETCO and Ceylon Petroleum Storage Terminal Ltd. (CPSTL) employees when he met them on the first day after the New Year, that the losses incurred by CEYPETCO was an unbearable burden on the Treasury, but none of the successive governments had hitherto decided on operating it as a State welfare service or turning it into a profit-making commercial venture by the government.

“It is time to take a strategic decision on CEYPETCO because this extremely vital State venture cannot be operated on losses. CEYPETCO’s losses became greater as global oil prices increased steeply in the past few months. However, if fuel prices were to increase in the domestic market, the ultimate decision is in the hands of the President and the Prime Minister,” the minister said.

Meanwhile, CEYPETCO Chairman Dhammika Ranatunga said in the past ten months since the new administration took office, many development projects were launched including the construction of a new storage facility for aviation fuel at the BIA and a new tank complex being constructed at the Kolonnawa Fuel Terminal.

  Comments - 9

  • Unchikun Thursday, 19 April 2018 11:58 PM

    We have a jumbo cabinet with chances of it getting bigger. The minister in charge of petroleum has to ask the President and the Prime Minister to increase price. For what are these guys for?

    sinhabahu Friday, 20 April 2018 12:13 AM

    Boss when the barrel of oil fell to record low during the past regime the govt did not bring down the prices ? Can you please educate the public where that surplus profit was recorded ?

    sss Friday, 20 April 2018 04:38 AM

    Projected to go to 80 dollars per barrel. Already devouring 50% of foreign exchange. SL is toast. Limit to how many dollars the housemaid can send for politicians and free of charge educated professionals who are not doing much to the economy to drive their duty free cars.

    Jagath Leanage Friday, 20 April 2018 04:46 AM

    We knew that after IOC increased . Srilanka is govern by india , indirectly .p

    SriLankan lover Friday, 20 April 2018 10:52 AM

    Hon. Minister, please don't raise the price of fuel, then everything will go up in price. How could a poor man live with the existing cost of living.

    Jal Perera Friday, 20 April 2018 10:53 AM

    Arjuna please keep up your promise. Don't increase the fuel prices.

    Haramanis Friday, 20 April 2018 01:56 PM

    Mr Minister - you are already a proven crook and immoral. Best is to resign from the position and go back home instead of further burdening the people

    ara Friday, 20 April 2018 06:42 PM

    increase the prices, why subsidies rich who pump 100,000 per month while taxing people who pump 5 to 10k per month, use the extra cash to bring down taxes on essentials,

    Warren Raed Saturday, 21 April 2018 06:39 AM

    Don't worry citizens. The petrol prices will come down before the 2020 elections for a few months. By that time the Dollar value will come down. LoL


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