Min. Chandima Weerakkody elaborates on effects of world oil price slide

Min. Chandima Weerakkody elaborates on effects of world oil price slide

Min. Chandima Weerakkody elaborates on effects of world oil price slide

Written by Tharushan Fernando

20 Jan, 2016 | 10:59 pm

Oil prices fell further, with U.S. crude touching its lowest since 2003, as a global supply glut bumped up against bearish financial news that sparked deeper worries over demand.

The question whether the Sri Lankan consumer will benefit was raised a media briefing attended by the subject minister who noted that the colossal losses have been incurred by importing crude oil for higher price prior to 2014 and selling it for a concessionary rate

” We focussed our attention towards a number important facts and held several rounds of discussion to create the price formula.” said the Minster of Petroleum Resources Development

He further noted that the Ministry of Finance must provide its recommendations and in January there was a massive price reduction and the crude oil distributed at present are from the stocks imported before October.

“I do no think anyone bid for such a price in the tenders that were closed yesterday,” he said and went on to express that it will take some time to provide relief as it is not practical at present.

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