Govt to maintain oil prices

Govt to maintain oil prices

Govt to maintain oil prices

Written by Staff Writer

17 Feb, 2021 | 9:33 pm

COLOMBO (News 1st): Minister Bandula Gunawardena reiterated the Government’s policy of maintaining oil prices despite increasing prices.

A barrel of Crude oil is priced at USD 63 And 92 cents in the Brent market today, while the price of one barrel of crude oil in the American market has increased to USD 60 and 61 cents.

Within the past one and a half months, the price of a barrel of crude oil in the world market has increased by 22%, after dropping to -USD 38 in April last year with the spread of COVID-19.

Minister Bandula Gunawardena stated that the Government has taken a policy-based decision to establish a fund to stabilize oil prices.

Against this backdrop, the cabinet has approved the Ceylon Petroleum Corporation to request a Dollar loan from the foreign exchange market for the importation of Crude oil.

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