State minister Ajith Nivard Cabraal has said that fuel prices in many countries around the world, including the United States are high compared to Sri Lanka.
He said this while explaining the circumstances which lead to the latest fuel price revisions in the country.
The state minister went on to say that the petroleum corporation has continuously incurred losses.
As per the minister, CYPETCO has incurred a loss of Rs. 45 billion during the first 4 months of this year alone. He also said that this will impact the banking sector in the country and also will cause problems to the country’s economic stability.
The Government increased fuel prices with effect from 12:00 am today, citing losses to the Petroleum corporation and increasing world crude oil prices. (NewsWire)
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