Fuel Price Stabilisation Fund not meant to stabilise fuel prices: Gammanpila

22 June 2021 08:31 pm - 13 - {{hitsCtrl.values.hits}}

A A A

Energy Minister Udaya Gammanpila said today Fuel Price Stabilisation Fund was not really meant to be used to stabilize fuel prices, but to pay off loans of the Ceylon Electricity Board (CEB).

He told Parliament that the Fuel Price Stabilisation Fund of Rs. 48 billion was formed to use the benefit of the fuel price reduction in the World Market to pay off the loans of the CEB so as to prevent electricity tariff hike.

Responding to a question raised by SJB MP Nalin Bandara, the Minister said the Cabinet Paper submitted by the Prime Minister in the capacity of being the Finance Minister on March 30, 2020 and the Central Bank report tabled in Parliament clearly explained the purpose of the Fund.

“The purpose of the Fund was to provide relief to the CEB to pay off its loans and thereby prevent any increase of electricity tariff,” he said.

Responding to a question as to why the fuel price formula was not used, the Minister said if the formula was in use, fuel prices would be in greater proportion than this.

“A litre of Octane 92 petrol would have been Rs.167 and a litre of diesel Rs. 122 if the fuel price formula was in use,” he said.(Ajith Siriwardana and Yohan Perera)

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

Comments - 13

Saranga Walimuni Tuesday, 22 June 2021 08:48 PM

Sri Lanka needs to adopt daily pricing fluctuation just like 99% countries on earth

Patriot Tuesday, 22 June 2021 08:54 PM

Does he understand that he is contradicting himself with every other statement he makes? It’s literally called the fuel price stabilization fund… who votes for people like this?

Be Fair Tuesday, 22 June 2021 09:00 PM

Then what is Fuel Price Stabilisation Fund? We should have had "CEB Debt Payment Fund"

Ranga Tuesday, 22 June 2021 09:03 PM

So when the fuel prices eere literally minus last year in the world market, you mean the public were duped when you said that the so called "stabilization" fund will be used to stabilize the fuel price in a future event of price increase in world market?

Ranaweera Tuesday, 22 June 2021 09:14 PM

Aha then why you had it in the first place

Joshua Wednesday, 23 June 2021 08:36 AM

What kind of morons do we have in that house? How did you pass your law degree?????? This is a curse that has befallen on this country

Manoj R Wednesday, 23 June 2021 08:46 AM

'Fuel Price Stabilisation Fund', The name itself denotes that this fund is use to stabilise the fuel price, If this does not mean the same, it cannot be english,

Sammy Wednesday, 23 June 2021 09:09 AM

Firstly this guy needs mental stability.

Premalal Perera Wednesday, 23 June 2021 09:14 AM

Lying to the very people who elected them comes so naturally to our politicians.

BuffaloaCitizen@gmail.com Wednesday, 23 June 2021 09:15 AM

These days this fellow does not know what his exiting from his mouth nor his arse.

samson de silva Wednesday, 23 June 2021 09:27 AM

Can someone please, please make this bugger shut his mouth. Every time he opens it, shit overflows. I think the no confidence motion against him has made him lose even the semblance of sense he had. Now gone completely crazy.

Garawi Wednesday, 23 June 2021 10:25 AM

If a private enterprise is making losses continuously then they would look into the reason behind and take corrective actions whatever they may be. Ceylon Petroleum, like many other state corporations have been losing colossal sums of money for decades. One reason is mis-management and second is mammoth staff numbers appointed by political cronies. Rather than resolving these and turning it to a profit making organization the governments have been allowing it lose billions of rupees. The excuse that because of the high cost of crude oil is not valid because when the barrel was at rock bottom at 30 USD, Sri Lanka prices did not fall, The government charged fixed rate making a massive profit. What happened to that money? How did the company accrue so much of debt. Why not look in to that instead of increasing price further?

Si Wednesday, 23 June 2021 05:28 PM

What a person elected by people of Sri Lanka.. so proud about our public..

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Fuel Price Stabilisation Fund not meant to stabilise fuel prices: Gammanpila

Comments - 13

Add comment

RECOMMENDED

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Western purple-faced langurs see blue!

Most Viewed in News

A US “Kaputa”, a Lankan “Nariya” and a Presidential “Feast”

Street food vendor arrested for verbally harassing foreigner

April 15 declared a government holiday

Belgian traveller scammed in Kalutara

SL on alert on possible genocide allegations by Canada

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

MIRROR CRICKET

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings

Chamodi, Dewmi spins Sri Lanka U19 Women to big win

TODAY'S HEADLINES

Debt Restructuring Talks: Bondholders Fear Regime Change Impact

Don’t be deceived by NPP and Cardinal Ranjith: UNP

Emirates halts check-in for connections, UL cancels flights to Dubai

Plans afoot to obtain “Blue Flag Beaches” certification for SL beaches

Hardik fined Rs 12 lakh for violating IPL code of conduct after win over Punjab Kings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings