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CEYPETCO will not increase fuel prices: Arjuna

5 October 2017 03:54 pm - 15     - {{hitsCtrl.values.hits}}

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Petroleum Resources Development Minister Arjuna Ranatunga today said if the Indian Oil Company (IOC) unilaterally increases the prices of petroleum products, the Ceylon Petroleum Corporation (CEYPETCO) would sell oil at the current price even though it incurs losses.

Commenting on the reported decision by the IOC to increase oil prices, Minister Rnatunga said the government had no intention to increase oil prices in the domestic market.

“IOC officials discussed their decision to increase oil process with me but I requested them not to do so. I believe that this is not then time to place an added burden on the people by increasing oil process though global oil process are rising rapidly. The government is aware that if oil prices go up prices of all goods including essential commodities will also go up and the government does not want that to happen,” Minister Ranatunga stressed.

Minister Ranatunga added that he would take all steps under his command to run the CEYPETCO as a no-profit no-loss venture as the government does not intend to earn a profit from oil business by putting a burden on the people. But at the same time the CEYPETCO cannot be run as a loss making venture because losses incurred are heavy.
Minister Ranatunga said a price formula is a necessity to regulate oil process in line with the prices of the global oil market that would fluctuate domestic oil prices simultaneously giving the consumer losses as well as savings of money.

Minister Ranatunga lamented that CEYPETCO incurred heavy losses from kerosene and diesel as there was no price formula for the two products. (Sandun A Jayasekera)

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  Comments - 15

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  • Dee Thursday, 05 October 2017 04:32 PM

    Oh how generous! Lets bleed the economy.

    AM Thursday, 05 October 2017 05:29 PM

    Import of fuel should be duty free. Cut down on Petroleum Corporation expenses, reduce staff and make it a profit making institution. The people should benefit not the minister's with their heavy expenses. Everyday I pump fuel, I am pumping also my money into the maintenance for unnecessary expenses. Now that the war is over, no one should be given security, back up vehicles and police escort, I am paying from my fuel payment. If all these expenses are reduced, my Rs. 500/- daily fuel will really cost me Rs. 200/-

    Raz Thursday, 05 October 2017 08:18 PM

    You are great thinking you can still win the world cup again.Hope you want follow WR via DM Android App

    R.M. Ratnapala (Lawyer) Friday, 06 October 2017 03:19 PM

    Honestly our Oil Minister is a wise thinker of a long run Govt. He knows what to do at the right time as he is a honest person and a straight forward Gentleman.

    Kadupol Jothywansa Friday, 06 October 2017 03:23 PM

    Hay, don't forget that Arujuna is a overall Legend and no more hanky panky business with him.

    Ronnie Bugger Thursday, 05 October 2017 08:55 PM

    Very diplomatic, Mr. Minister. How can IOC decide to increase prices without a consensus when this country has a oil ministry.

    pradeep Friday, 06 October 2017 10:55 AM

    because the govt. increased the taxes. CPC can decide to run on a loss as it is a govt. dept. and expenses are met by the treasury (which is the tax payers money) But LIOC has to earn their income

    Lion Viswanathan Friday, 06 October 2017 03:16 PM

    Pradeep if the Minister puts a standing order not to increase - LOC has to listen or pack their bags and go.

    Arnold Friday, 06 October 2017 11:14 AM

    Reduce the tax on electric vehicles and subsidize solar panels. For a tropical country with so much sun shine like ours there is no need for spending so much money on importing fuel.

    K. Rajanayagam Friday, 06 October 2017 03:21 PM

    Wait in patience, Yahapalanaya Govt. will do this and prove it during their allotted period of 25 years.

    Dr. A.C.B. Jayweera Friday, 06 October 2017 03:09 PM

    Hon Minister, please insist LOC too not to increase the prices, you are the minister and your voice can make them silence.

    L. P. Mendis Friday, 06 October 2017 03:10 PM

    Thank you so much Hon. Minister, you know the gravity if the Petrol and Diesel prices are increased.

    Bannis Mama Friday, 06 October 2017 03:12 PM

    Sir, 10 million thanks to you for your brave statement as you have said you are not going to increase the prices of fuel....

    Dennis Reeves Friday, 06 October 2017 03:14 PM

    Most Hon. Minister, only few of your Cabinet have the guts like you. Please instruct LOC too not to go for any increase.

    Manuel Benjamin Friday, 06 October 2017 03:25 PM

    Our heartful thanks to you Sir. Please pay your attention on LOC and make them to withdraw their plans to increase the Petroleum Products.


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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.