Fuel Price Reduction Ruled out by Chandima Weerakody

While answering journalists in press conference of the SLFP held yesterday, Petroleum Minister, Chandima said that the Petroleum Corporation has to pay back loan of 365 million and interest on loan itself is 1.2 million. This is the state of affairs in the Petroleum Corporation. When prices of petroleum products come down in the world market, people expected price reduction. With the good intention of transferring the benefit to the people, a formula was formed and submitted to the cabinet.

Now the question is by applying the formula, price of fuel may be adjusted according to world market price, which is in the range of Rs2/= or Rs 5= per Litre. When you consider the national interest, paying back 365 million loan is much more important than giving negligible price reduction, he said.

In other words, fuel price reduction is a distant dream for Srilankans.