Fuel prices to go up again?

5 May 2022 02:26 pm - 20 - {{hitsCtrl.values.hits}}

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The joint fuel price formula of the Ceylon Petroleum Corporation (CPC) and Lanka Indian Oil Company (LIOC) would be presented to the Cabinet next week, Power and Energy Minister Kanchana Wijesekara said today.

He told Parliament that the fuel price formula would be presented to minimise the loss incurred by the CPC.

"The price formula will be presented not to cover the total loss but to cover some amount of the loss incurred by the CPC. We will be able to find Dollars to import the next fuel shipment only if we do so," he said.

The Minister said the CPC was not earning profit even after the recent fuel price increase.

He said the Dollar was Rs. 330 when fuel prices were last increased and added that it has gone upto Rs. 360 today. "Crude oil prices at the global market has not gone down. We sepnt only US$ 120 million to import fuel per month two years ago. We estimate it to cost US$ 585 million this month," he said. (Ajith Siriwardana and Yohan Perera)

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Comments - 20

Daya Thursday, 05 May 2022 02:33 PM

They keep fooling the masses. LIOC had a profit of 3,334 M for the same period and both sell fuel at same prices. How come only CPC has losses, its because of the corruption heavy overhead.

Fathima Lai Thursday, 05 May 2022 03:35 PM

Daya: LIOC is owned by IOC. CPC is owned by tea boy to GM who work there.

Saran Thursday, 05 May 2022 02:45 PM

You don't make money because all these SOEs are over staffed by the successive governments

Manoj Rasiah Thursday, 05 May 2022 03:02 PM

How is that LIOC is making a profit, Is there a leakage in CPC

SMS Thursday, 05 May 2022 05:12 PM

Yes, there is leakage of corruption.

G Thursday, 05 May 2022 03:26 PM

I thought India was given us credit in Indian currency to purchase fuel???

sam Thursday, 05 May 2022 03:28 PM

Fuel prices must be based on a formula and CPC need not operate at a loss. Loss is due to overstaffed and mismanagement.

PS Thursday, 05 May 2022 03:49 PM

Dont make fools statements, pls stop corrupton to make profits.

Priyantha77 Thursday, 05 May 2022 04:04 PM

You pass all corruption and inefficiencies to us Liberralize the petroleum sector to get better prices

Gobbasena of Sri Lanka Thursday, 05 May 2022 04:12 PM

For things to return to normalcy all these corrupt politicians should get lost as soon as possible. There won't be a country if these scoundrels continue to hang on to power.

Lanka Thursday, 05 May 2022 04:16 PM

Nothing under controll. Need international support other than India and China with a leadership change here.

Athk69 Thursday, 05 May 2022 04:41 PM

When there are alternative ways such as barter trading Tea for oil, obtaining fuel by recycling plastic waste, and other innovations, why are these intellectually bankrupt politicians not stepping down? What are they trying to do to the population?

God is also helpless Thursday, 05 May 2022 04:42 PM

No surprise there are more than 146 MPS elected by the people to support the Rajapakshas. Our MPS are only worried over their future and not about our plight we can expect many price increases and scarcity of basic day to needs.

Shiran fernando Thursday, 05 May 2022 05:00 PM

CPC management with minister should go home. They mismanage we pay. LIOC makes huge profits.

SMS Thursday, 05 May 2022 05:11 PM

If making loss, do we need CPC?, scrap it.

Mushi Friday, 06 May 2022 08:13 AM

It's CPC's monopoly. Liberalise to make price competition

Gobbasena Nandasena Friday, 06 May 2022 10:42 AM

Simple Use Thiner

Tostan Friday, 06 May 2022 10:49 AM

May be PM

Atha Katha Somay Friday, 06 May 2022 10:50 AM

How many millions you made during your short stay as a Minister, young man?

සංගීතා V.W. රාජපක්ෂ Friday, 06 May 2022 11:48 AM

පාලක පිරිසටම බදු සරනයි. ජනතාවට බුදු සරනයි.

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Fuel prices to go up again?

Comments - 20

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