Fuel price hike imminent – Minister
The government yesterday hinted at a possible fuel price hike to reflect the world market prices of crude oil.
Responding to a query by a journalist at the weekly Cabinet media briefing held yesterday Co-Cabinet Spokesman Plantation Minister Dr. Ramesh Pathirana said that there is a possibility to increase fuel prices further owing to the rise in crude oil prices in the world market.
The Minister said that the prices in the world market have increased due to the crisis between Ukraine and Russia.
“The local fuel distributors including the Ceylon Petroleum Corporation (CPC) are currently incurring huge losses when selling fuel in the local market. Considering this, prices would have to be increased in the future. But no decision has not yet been taken to increase local fuel prices.” said the Minister.
The Minister stressed that the government would not hesitate to reduce the fuel prices if the world market prices are reduced in order to give that benefit to the public.