LIOC makes request for price hike

30 May 2012 01:08 pm Views - {{hitsCtrl.values.hits}} 35 Bookmark

CHATURANGA PRADEEP SAMARAWICKRAMA Follow

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Lanka IOC one of two suppliers of fuel to the local market has made a fresh request to the government for a price hike in fuel, its General Manager Subodh Dakwale confirmed. Dakwale speaking to the Daily Mirror online said that the reason for the request for increase was twofold. “We have been continuously suffering losses as a result of the price that we are currently selling fuel at. The escalation of international fuel prices in the past few months and the depreciation of the rupee have been major contributing factors to the continuous losses we have suffered” he said.

The LIOC therefore, have requested the government to increase the price of fuel and are scheduled to have a decisive meeting regarding the issue within the week, he said. “We have humbly requested the government to consider our plight at this juncture and to give us the green light for the increase of prices. We have not given a specific price level or any other condition as such, we are yet to receive confirmation in this regard from the authorities” Dakawale said.
The newly appointed General Manager also said that the main idea behind the request was to curb the losses that LIOC is currently suffering. “ We are prepared to bear the losses to a certain extent and the benefit of the Lankan public is upmost in our minds, we have incurred losses even in the past and are willing to do so, but we need to curb this amount in order to provide better service to the people” he said. (Hafeel Farisz)