CEYPETCO and Lanka IOC call for increase in fuel prices

CEYPETCO and Lanka IOC call for increase in fuel prices

CEYPETCO and Lanka IOC call for increase in fuel prices

Written by Staff Writer

07 May, 2015 | 2:18 pm

The Ceylon Petroleum Cooperation and the Lanka IOC company has requested for permission to increase fuel prices.

Secretary to the Ministry of power and energy, Suren Batagoda said that the Lanka IOC had made a number of requests on prior occasions.

The secretary to the minister of power and energy said that the Lanka IOC had cited the loss of revenue in stocks of fuel that is manufactured, as the reason for the requests. The secretary to the ministry of power and energy further stated that the price of fuel will not be increased despite the requests.

He added that alternate solution will be provided to CEYPETCO and the Lanka IOC to minimize the losses incurred.

Suresh Batagoda further notes that a price formula is set to be introduced over the next month to mitigate the issue.

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