The Ceylon Petroleum Corporation (CPC) is facing losses by distributing diesel and kerosene under the current pricing, State Minister of Power and Energy D.V. Chanaka said in Parliament today (09).
He said a loss of Rs. 12 is being incurred for diesel and a loss of Rs. 22 for Kerosene.
The State Minister made the revelation while responding to a question raised by Samagi Jana Balawegaya MP Hesha Vithanage on the fuel pricing formula.
MP Vithanage pointed out that even though Power and Energy Minister Kanchana WIjesekara had agreed to revise fuel prices as per the fuel pricing formula, he had not done so this month severely inconveniencing the public.
Responding to the MP, State Minister D.V. Chanaka said that the prices of fuel have changed in comparison to what was quoted two weeks ago.
“The price of petrol as per the Singapore Platts was Rs. 92 two weeks ago, but has now increased to Rs. 99. The price of diesel which was Rs. 129 has increased to Rs. 134 at present and the government is incurring a loss of Rs. 12. We are also incurring a loss of Rs. 22 for Kerosene under the current pricing,” he said.
The State Minister further explained that there is a procurement procedure to purchase fuel and there are separate indices to measure fuel price, adding that Sri Lanka follows the Singapore Platts pricing index.
Pointing out that the prices of fuel have increased globally, D. V. Chanaka said, however, the government has not hiked fuel prices in line with the increase in global prices.
“To state the truth, we are currently facing a loss. We are not making any profits. In the event of a profit, the government will ensure that the public benefit from it,” he said. (NewsWire)
