Petroleum Resources Development Minister reveals new information on fuel prices

Petroleum Resources Development Minister reveals new information on fuel prices

Petroleum Resources Development Minister reveals new information on fuel prices

Written by Staff Writer

24 Jan, 2016 | 10:01 pm

Minister of Petroleum Resources Development Chandima Weerakkody says that ministry is taking steps to reduce prices of petrol and diesel. The Minster expressed these views at an event held in Baddegama on Sunday, January 24.

Oil prices slid to 26 dollars and 19 cents on Thursday,the lowest figure since 2003.

Minister Chandima Weerakkody noted that the global price of fuel as at present, is the lowest price recorded for the last twelve years, and a price reduction for fuel which was not given in any other country was given to the people of Sri Lanka.

He also said that the fuel prices were reduced twice in the year 2014, adding that at a time when world market fuel prices were high, steps were taken to bear the loss and provide fuel for the people at low rates, before 2014 which caused a major burden of debt and a loss at the petroleum corporation.

However, by the end of the week, oil prices unexpectedly rose to 32 dollars and 7 cents a barrel.

Minister of Petroleum Resources Development went on to say that when he held discussions with the Iranian Ambassador, he agreed to continue the discussions that were carried out to look into the possibility of providing fuel at a concessionary rate.

Minister Weerakkody also said that they hope to provide the concessions to the people in the future.

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