Electricity tariff revision not required at the moment – CEB has not made a request to increase tariffs – PUCSL
The Ceylon Electricity Board (CEB) has not requested an electricity tariff revision so far and there is no requirement for a tariff revision at the moment, the Chairman of the Public Utilities Commission of Sri Lanka (PUCSL) Janaka Ratnayake said.
Speaking at a media briefing today (December 1), Ratnayake said the PUCSL cannot approve tariff increases similar to the increase in fuel prices.
It was reported yesterday that although the electricity tariff has been increased in the past, it is not sufficient to cover the loss of the CEB and thus, the request to increase the electricity bill has received cabinet approval.
This was disclosed at the Sub Committee on Identifying the Short & Medium-Term Programmes related to Economic Stabilization of the National Council held on Tuesday (November 29).
Ratnayake said electricity tariffs cannot be increased on a whim, and requested approval to import naphtha and furnace oil similar to coal imports.
He said prices in the world market have reduced, while its effect has not been witnessed in Sri Lanka.
The Chairman added that Sri Lanka is paying a higher sum for oil and electricity consumers are also paying higher prices.
Ratnayake said if the CEB has the ability to import furnace oil and naphtha similar to coal, power generation costs can be reduced from Rs. 400 billion to Rs. 200 billion.
He said the CEB purchases a litre of furnace oil from the Ceylon Petroleum Corporation (CEYPETCO) at Rs. 320 and naphtha at Rs. 160 per litre which he termed was steep.
He noted that the CEYPETCO has acknowledged that they incur a profit of Rs. 150 through a litre of petrol.
Ratnayake also stated that the CEYPETCO has a profit of between Rs. 120-140 per litre of furnace oil.