Unable to pass international oil price benefit due to CPC losses : Bandula  

The government today said that it is unable to pass on the benefit of international oil prices due to heavy losses faced by the Ceylon Petroleum Corporation (CPC).

Co-cabinet Spokesperson Minister Bandula Gunawardana today said that the CPC had incurred a loss of Rs. 12 b as a result of the government’s decision to maintain fuel prices at the same rate.

According Gunawardana, CPC suffers a loss of Rs.9 per litre of petrol, a loss of 12 per litre of diesel and a loss of Rs. 5 per litre of super diesel.

He said due to this the government was not in a position to further reduce fuel prices.

Following the presidential elections in November the new government scrapped off the price formula which was used to decide the prices of fuel based on international oil prices.