Govt. makes a loss supplying fuel to public

COLOMBO (News 1st) - According to the Ministry of Petroleum Resources Development, the government is supplying fuel to the public at a loss. Upali Marasinghe, the Secretary at Ministry of Petroleum Resource Development said the government is selling a litre of diesel at a loss of 6 -7 rupees and a litre of petrol at a loss of 14 - 16 rupees. On 23rd March the Lanka IOC increased the price of a litre of petrol by 9 rupees and a litre of diesel by 5 rupees. The Vice President of Lanka IOC Siddharth Agarwal said the price of the fuel was increased as the state failed to introduce a price formula. However, the Secretary at the Ministry of Petroleum Resources Development has confirmed that the state will introduce a price formula for fuel in the near future.