Speaking at a media briefing convened in Colombo on Monday (May 11th) Minister of Power and Energy Patali Champika Ranawaka stated that a decision has not been made to increase fuel prices. The Minister also denied rumors that there is an impending fuel shortage.

CEYPETCO and Lanka IOC recently made requests from the ministry to grant approval to raise the prices of fuel. However Minister Ranawaka noted that since CEYPETCO had earned a profit of 17 billion rupees over the past 3 months there is no need to increase fuel prices debunking rumors that there was an attempt to sell off  CEYPETCO.

Minister of Power & Energy Patali Chapika Ranawaka also noted individuals who spread rumors that fuel prices will be increased are criminals because their objective is to create fear and suspicion in the market through baseless lies.

Minister Ranawaka stated that individuals who have been left destitute and individuals who have been denied billions of rupees due to best practices being introduced once again at CEYPETCO are spearheading these rumors using various media outlets and certain politicians.

The Minister also elaborated on the introduction of a price formula for fuel. He stated that they have made submissions to the Economic Development committee regarding a fuel price formula. According to the Minister an expert committee has been appointed, he added that in the near future a price formula will be submitted for cabinet approval and thereafter it would be implemented.

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