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UNP: Public Will Have To Bear Heading Losses

Jul 14, 2011 9:01:40 AM - thesundayleader.lk

The UNP says that the public and the government would have to bear the losses incurred through the oil hedging deal and that the local fuel prices were likely to be increased.

UNP parliamentarian Dr. Harsha de Silva says that the order on the Ceylon Petroleum Corporation (CPC) made by a UK court to pay US$ 162 million to Standard Chartered Bank as dues for the hedging deal would have a negative impact on the country’s reputation when considering future international investments.

He has said that future investors will be hesitant to invest in the country.

He has added that hedging deals were similar to gambling and it done with public funds. Therefore, the losses would have to be borne by the public.

According to de Silva, the losses sin the hedging deal would result in the increase in local fuel prices.