Grant Tax Concessions on fuel imports or increase fuel prices: CPC

COLOMBO (News 1st): The Ceylon Petroleum Corporation (CPC) has requested the Ministry of Finance to grant concessions for the taxes imposed on fuel imports or increase the prices of fuel amidst the prevailing economic situation. According to the Ministry of Energy, the CPC incurs a massive loss in continuing the sale of fuel at the current prices, given the prevailing situation in the country. The Energy Ministry has further pointed out that obtaining the required US dollars for importing fuel is also a challenge at present, due to the lack of Rupees. There is an impending crisis in procuring fuel required to meet the domestic demand, due to the shortage of foreign currency, a high-ranking official at the Energy Ministry told News 1st. Accordingly, the CPC has requested the Ministry of Finance to grant tax concessions for fuel imports or increase fuel prices. The Lanka IOC recently increased the prices of fuel; the new prices of LIOC fuel are as follows: A litre of 92 Octane Petrol is priced at 184 rupees A litre of 95 Octane Petrol is priced at 213 rupees A litre of Diesel is priced at 124 rupees