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If CPC does not receive govt. concession, increasing fuel price inevitable: Gammanpila

11 October 2021 03:42 pm - 16     - {{hitsCtrl.values.hits}}

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If the Ceylon Petroleum Corporation (CPC) does not receive any concession from the government and unable to bear the loss, there will be no choice but to increase the fuel prices, Petroleum Minister Udaya Gammanpila said.

Addressing the media today, he said, "Considering the current situation, there is nothing to hide and I am not doing anything to hide it."

If the government is able to provide relief to the CPC and take a decision not to increase the fuel prices, then they should do it, Gammanpila said.

Minister Gammanpila said that he hopes to discuss with the Cabinet regarding the increase in fuel prices.

According to the world market fuel price, if Sri Lanka continue to sell fuel in the local market at the current price, the Ceylon Petroleum Corporation (CPC) will incur a huge loss during this month.

If the current loss becomes recurrent, the CPC, the government, and the total economy of the country will be unable to bear it, the Minister added.

Therefore, the minister requested the CPC Chairman to bring the current situation to the special attention of the Cabinet.

Meanwhile, CPC Chairman W.W.D. Sumith Wijesinghe said, currently, the Petroleum Corporation incurs a loss of Rs. 14.56 per litre of petrol. 

“The loss incur on diesel stands at Rs. 31.46. If we continue this trend, we will incur a loss of Rs. 70 billion by October 31,” he said.

The only alternative that the Petroleum Corporation should do in such a situation, is to increase the fuel prices, Wijesinghe said.

Therefore, we draw the government's attention to the need of a price increase, he added. (Chaturanga Samarawickrama)


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  Comments - 16

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  • C.V.Raman Monday, 11 October 2021 03:56 PM

    If the "poor" Indians can pay 220 LKR for petrol, why not us?

    N.M. Perera Monday, 11 October 2021 04:06 PM

    Losses due to Hedging and CEB dues.....Why burden the Public.

    Farieze Monday, 11 October 2021 04:08 PM

    When the fuel reducing time past two years why you didn't reduce it. You came to power to eliminate poverty Now talking rubbish

    joshua Monday, 11 October 2021 04:15 PM

    Ask Nadesan for a long term loan without taxing the people everytime

    Sinners Monday, 11 October 2021 04:17 PM

    It means you are not in the government. Go ahead and increase the price. Surely you will get your fee supply.

    Suresh Monday, 11 October 2021 04:36 PM

    Thanks, we will try to do something

    Chris Monday, 11 October 2021 04:43 PM

    Mr. Gamaya, can you tell me what happened to the fuel fund? Big talk from the backside it seems.

    Lanza Monday, 11 October 2021 04:44 PM

    Not only should the prices be increased in keeping with the world market prices, the free issues of fuel to Parliamentarians and other Officials should be curtailed forthwith.

    tom Monday, 11 October 2021 04:56 PM

    People suffer, why SLPP Secretary not opposing,we hope this brilliant person won't let increase the prices

    Sam Silva Monday, 11 October 2021 05:09 PM

    Could you disclose how much the government spends to give free fuel to all politicians.

    Nimal Monday, 11 October 2021 05:13 PM

    Lanza will say that Basil will not allow any fuel hike under any circumstances.

    Priyantha77 Monday, 11 October 2021 05:33 PM

    Why we keep this inefficient and corrupted CPC. Liberalize the petroleum sector for competition. We can get better prices and no burden to country

    Patriotic citizen 66 Monday, 11 October 2021 05:36 PM

    Government support means all people of this country should pay for CPC losses. Why ?

    Sambo Monday, 11 October 2021 06:33 PM

    So now every one is trying to raise their cloth to the public. If so the president should consider if cabinet ministers are required or not.

    Political Tunes Tuesday, 12 October 2021 10:31 PM

    One country, one Nation, one cabinet, one government. Why is the government being referred to as ‘they’ by a cabinet minister? One failure!

    GHT Tuesday, 12 October 2021 10:54 PM

    The report of the minister shows; the fuel increase rate has already been set.


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