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Finance Ministry ignoring CPC’s price hike requests

11 Feb 2022

  • CPC notes world market crude barrel reaching $ 108-109
BY Buddhika Samaraweera Even though the Ceylon Petroleum Corporation (CPC) has made several requests from the Finance Ministry to allow an increase in fuel prices taking into account the current global fuel prices, the said requests have not been responded to by the Finance Ministry, according to the Energy Ministry. Speaking to The Morning yesterday (10), Energy Ministry Secretary K.D.R. Olga said that a number of requests made by the CPC seeking permission to increase fuel prices have been forwarded to the Finance Ministry. However, she said that they have not received a response so far.  “Fuel prices in the world market continue to rise these days. The price of a barrel of crude oil has gone up to $ 108 to 109 in recent days. With these price hikes, the CPC has been making requests to increase fuel prices throughout the recent past. Several such requests have already been forwarded to the Finance Ministry through the Energy Ministry,” she added. Finance Ministry Secretary S.R. Attygalle was not available for comment. CPC Chairman Sumith Wijesinghe recently told the media that losses incurred by the CPC have more than doubled following the Lanka Indian Oil Corporation (LIOC) increasing fuel prices with effect from 7 February. He added that if the fuel prices remain unchanged for the entire month of February, the CPC would incur a loss of Rs. 48.30 per litre of diesel and Rs. 15.68 per litre of petrol. The LIOC increased its retail selling prices for Lanka Auto Diesel (LAD) by Rs. 3 per litre and petrol (LP 92) by Rs. 7 per litre, effective from Monday (7), citing a significant increase in global fuel prices.  


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