The Ceylon Petroleum Corporation (CPC) had incurred a loss of more than LKR 400 million in the past four days due to the order given by the Minister of Petroleum Resources Development Arjuna Ranatunga to revert to previous prices, CPC sources said.
Ranatunga had disregarded the fuel price hike announced by the Ministry of Finance as per the fuel pricing formula.
Finance Minister Mangala Samaraweera had introduced the fuel pricing formula after detailed discussions and gaining cabinet approval.
State Minister of National Policies and Economic Affairs, Dr. Harsha de Silva in a twitter message said that the pricing formula will 'certainly help in managing macro variables plus the demand side management' and called it a ‘positive development’ for Sri Lanka.
It is learnt that the CPC had sold 25.4 m litres of diesel, 1.42 m litres of super diesel, 2.71 m litres of octane 95 petrol and 18.5 m litres of octane 92 petrol during the period at old prices.
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