Sri Lanka’s Petroleum Resources Development Minister Arjuna Ranatunga said that there is no intention to raise fuel prices.
Minister Arjuna Ranatunga made this remark responding to a query by a few ministers regarding the increase in fuel prices at the cabinet meeting yesterday (24).
The Minister also said that although the Ceylon Petroleum Corporation incurs losses, the fuel prices will not be increased at this time burdening the people.
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Secretary to the Ministry of Petroleum Resources Upali Marasinghe said that after the fuel price increase by the Lanka Indian Oil Company (LIOC), the CPC had incurred a loss of Rs. 38 million per day.
Even though a price formula was to be introduced to raise fuel prices as reported previously, no such price formula was presented at yesterday’s cabinet meeting.
