Sri Lanka’s Energy Minister explains reason for no Diesel price reduction

Kanchana Wijesekera

Sri Lanka’s Power and Energy Minister Kanchana Wijesekera

The price of diesel was not reduced during the recent fuel price revision as only a profit of one rupee was being made per litre, Sri Lanka’s Minister of Power & Energy Kanchana Wijesekera on Monday (October 03) revealed to Parliament.

“When we compare our import prices with the Singapore Average Price we were making a loss of Rs. 30/- per litre of Diesel. However, when we revised the prices there was no loss. We have started making a profit of Rs. 1/- per Litre of Diesel. However, we cannot drop prices by more than Rs. 10/-. If we do that, we will not have money to purchase fuel for future needs,” said the Minister in response to a question posed by Samagi Jana Balawegaya (SJB) Polonnaruwa District MP Kins Nelson.

The Minister said Ceylon Petroleum Corporation (CEYPETCO) was able to reduce the price of Petrol because it was making a profit of Rs. 70/- per litre.

Given the development, the government will be able to make another price revision in two weeks, revealed the Minister.