Fuel prices to be revised; price revision date will be announced later

COLOMBO (News 1st); The Cabinet Sub-Committee on the Cost of Living has decided to revise fuel prices in Sri Lanka, said Minister of Energy Udaya Gammanpila on Friday (11).

Speaking to reporters in Colombo, the Minister said the Sri Lankan Government for 21 consecutive months decided not to revise fuel prices, despite a rise in prices in the world market.

"Unfortunately, the government cannot continue to bear this colossal loss," he said adding the Ceylon Petroleum Corporation had incurred a loss of Rs. 331 Billion as of 2020, by purchasing fuel at higher prices and selling fuel at lower prices.

"CPC is facing a situation where it will not be able to settle its dues," pointed out the minister.

Sri Lanka requires USD 03 Billion annually for fuel imports, said while noting that such a cost is a challenge to the government given the pandemic situation.

The price revision date will be announced later as people would rush to filling stations during the pandemic, which would lead to another issue.