Fuel price hike in the offing?

12 October 2021 12:00 am Views - 120

• Last price revision was in June 2021
• World market price has increased to US $ 92 per barrel

By Kelum Bandara

The Ceylon Petroleum Corporation (CPC) has proposed the revision of fuel prices in keeping with spikes in the world market, an official said.   

CPC Chairman Sumith Wijesinghe said the world market price of petrol remained at  US $76 a barrel when the last revision was done in June, this year, and it had increased to US $ 92 a barrel in October.

He said he had taken up the matter with Energy Minister Udaya Gammanpila to be referred to the Cabinet.
“We asked for a price revision first in April, this year. It was enforced only in June. We have sought a price hike now to reflect changes in the world market. We expect it to be endorsed by November if the government decides,” he said.

Earlier, Minister Gammanpila said he would seek to establish a fuel price stabilisation fund to absorb stocks in the world market. 

 

• Minister Gammanpila said he would seek to establish a fuel price stabilisation fund to absorb shocks in the world market