COLOMBO (News 1st); Sri Lanka’s Energy Minister says the Ceylon Petroleum Corporation has suffered a loss of Rs. 1 Bn in October.

Speaking to reporters on Monday (11), Udaya Gammanpila said the CPC or the government cannot carry this burden any further and the CPC does not have the fund to purchase fuel.

“The Cabinet was informed about this and if there is a measure of relief, they will inform us,” he said adding if the response is negative, there will have to be a price hike.

The Ceylon Petroleum Corporation says that the prices of fuel need to be increased as the CPC has suffered a loss of Rs. 70 Billion as of 31st August 2021.

CPC Chairman Sumith Wijesinghe told reporters that given the losses incurred by the Ceylon Petroleum Corporation there is no other option but to increase the fuel prices.

He said the subject minister was informed of this as well.

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