Fuel prices may have to be increased – CPC Chairman
Posted by Editor on October 11, 2021 - 12:14 pm
The Ceylon Petroleum Corporation (CPC) has requested the government to increase fuel prices.
CPC Chairman Sumith Wijesinghe said that the Petroleum Corporation needs to increase fuel prices in order to offset world market price hikes.
He claimed as of the 31st of August, the CPC suffered losses amounting to Rs.70 billion.
He added the main solution is to increase fuel prices.
Latest Headlines in Sri Lanka
- Sri Lanka’s security chiefs instructed to ensure safety during Presidential Election July 26, 2024
- Sri Lankan Prime Minister says President cannot appoint acting IGP July 26, 2024
- Bonds placed for Ranil Wickremesinghe to contest Sri Lanka’s Presidential Election July 26, 2024
- Sri Lanka announces 2024 Presidential Election date July 26, 2024
- 22% of Sri Lankan households in debt; 14.2% job losses from economic crisis July 25, 2024
Of course, the price of a barrel is > USD 80 and where the Energy Minister went to make a deal, the price is > USD 87.
With the komis involved, fuel prices should rise by least 30% to meet with cost.