Fuel Price to be Revised Soon….

A price revision of fuel distributed by the Ceylon Petroleum Corporation (CPC) is in the offing, according to highly placed government sources.

Followed by oil prices gone up in the world market the Indian oil company, Lanka IOC has increased their prices to be on par with the world fuel price hikes. However, CPC prices have remained static for nearly a month incurring heavy losses. According to petroleum resources Ministry, the weekly loses due to this has been calculated are Rs 266 million.

Finance Ministry Secretary Dr. R.H.S Samaratunga said, the need for the pricing formula is essential and they were in the process of finalising the matter with the Petroleum Resources Ministry. Most probably fuel price increase will be announced after the Sinhala and Hindu New Year.