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Minister hints of fuel price cut

Oct 24, 2010 8:00:00 PM - aussieindolanka.com
The Government is planning to reduce fuel prices further within the next few months by purchasing crude oil directly from producing countries. Petroleum Resources Development Minister Susil Premajayantha yesterday said that negotiations were underway to directly purchase crude oil from producing countries, thereby reducing the import cost. The benefit of this cost reduction would be directly passed on to the public in the form of a fuel price reduction in the retail market, he added. Minister Premajayantha told the media that although there were price fluctuations during the last 11 months in the global markets the Government had not resorted to a price increase. He said that the Government had taken steps to inform the oil producing countries through the relevant embassies of its desire to purchase crude oil directly from them.   Read more:www.dailynews.lk/2010/10/25/news02.asp