CPC chairman says no decision to increase fuel prices

COLOMBO (News 1^st) - Ceylon Petroleum Corporation Chairman Dhammika Ranatunga says that any increase in fuel prices should follow broad discussions with all stakeholders involved with CEYPETCO. The Sunday Times reported today that CEYPETCO is incurring a weekly loss of 266 million rupees, quoting an unnamed senior Treasury Official. Further, it reported that the Government has no funds to keep propping up the Ceylon Petroleum Corporation. The official had said the latest fuel crisis is “very difficult to control,” adding that by keeping petrol and diesel prices unchanged, the CPC is suffering an additional loss of Rs.38 million on a daily basis. The Sunday Times also quoted the Secretary of the Ministry of Petroleum Resource Development, Upali Marasinghe reporting that the state-owned corporation was losing 266 million rupees a week. Responding to inquiries from News 1st, CEYPETCO Chairman Dhammika Ranatunga said raising fuel prices was not the solution to the problem. Dammika Ranatunga said that instead of taking hasty decisions, the government must take a decision following broad discussions with all stakeholders who will be affected by a rise in fuel prices. He added that the government does not have a proper policy in terms of fuel pricing. WATCH HERE: https://www.facebook.com/NewsfirstSL/videos/1896686580391591/