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CPC Losses On Sales Prevent Reduction In Fuel Prices

Jul 2, 2011 9:26:55 AM - thesundayleader.lk

The Petroleum Ministry says that local fuel prices would not be reduced in line with the decline recorded in the global fuel prices due to losses incurred on fuel sales by the Ceylon Petroleum Corporation (CPC).

Petroleum Minister Susil Premajayantha said a few days back that the local fuel prices would not be increased.

Meanwhile, Ministry Secretary Titus Jayawardena has said that local fuel prices would not be reduced.

The price of a crude oil barrel has seen a US$ 20 decline in the past few months.<p>

Jayawardena has told the media that the benefit of the declining global fuel prices could not be passed to the consumers due to the continuous losses incurred by the CPC on fuel sales.