Fuel prices to further reduce within next two weeks: Minister

• The Minister told Parliament prices of petrol could be reduced by Rs. 40

 By Ajith Siriwardana and Yohan Perera 

Power and Energy Minister Kanchana Wijesekera hinted yesterday that fuel prices would be further reduced within the next two weeks in line with the fuel price reduction in the world market.

Responding to a question by SJB MP Kins Nelson, the Minister told Parliament that prices of petrol could be reduced by Rs. 40 as there was a profit of Rs. 70 from petrol sales.

He said prices of diesel could not be reduced as there was a loss of Rs. 30 from diesel sales and that there was one rupee profit from diesel sales now as diesel prices were not revised during the latest price revision.

He said fuel prices could not be reduced in line with crude oil price reduction at the global market as only 30 percent of the total fuel requirement in Sri Lanka was produced in local refineries.

The Minister said however, fuel prices would be further reduced within next 14 or 15 days.