Ceylon Petroleum Corporation requests the government to increase fuel prices

CEYPETCO Ceylon Petroleum Corporation

The Ceylon Petroleum Corporation has requested the government to increase fuel prices.

Chairman of the CPC Sumith Wijesinghe has informed the government that an increase in fuel prices is imperative at present in order to minimise losses incurred by the CPC.

Speaking at a media briefing yesterday, Wijesinghe expected government authorities to revise Ceypetco fuel prices accordingly.

He said the CPC has repeatedly requested the government and the Ministry of Energy to increase fuel prices, as the CPC cannot reach a decision pertaining to increasing prices.

Wijesinghe added the CPC informs the subject Minister of losses incurred while the Minister notifies the government, in order to take steps to increase prices.

He noted major losses have been incurred by the CPC in end December and January and therefore expressed hope the fuel prices will be increased despite there being no decision yet.

Sumith Wijesinghe added the losses incurred by the CPC is widening as individuals who purchased fuel at Lanka IOC filling stations, have resorted to visiting CPC filling stations.

He claimed that IOC has alternate methods of covering costs, while the CPC in February recording a Rs.15 loss per litre.

Wijesinghe said IOC’s business module is different to CPC adding their losses have been less and as a result a Rs.7 increase was imposed on a litre of petrol and Rs.3 increase on diesel.

(Source: News Radio)