• CEYPETCO is in the red with the sharp increase of fuel prices in the global market

By Sandun A. Jayasekera   

The government was yet to increase domestic fuel prices to the level of other countries in the region but tried its best to maintain the current prices with no further increases, State Minister Dayasiri Jayasekara said yesterday.   

Minister Jayasekara, who is also the General Secretary of the Sri Lanka Freedom Party (SLFP) said In India, a liter of diesel costs Rs.255 and a liter of petrol Rs.276, while in Sri Lanka a liter of diesel sells at Rs.111 and a liter of petrol at Rs.153, even after the recent fuel price hike.   

Minister Jayasekara addressing the media at the party office yesterday said Sri Lanka’s fuel price was still the lowest in the region. “At the recent No Confidence Motion (NCM) debate in Parliament against the fuel price hike, not a single member of the opposition explained any remedial measure on how to resolve the energy crisis, what to do to contain the ever increasing fuel import bill or what action could be taken to prevent further economic down turn without increasing the fuel price. I request the opposition, if you have any strategy or plan to resolve the current energy crisis, pleas reveal it at least now,” Minister Jayasekara said.   

The opposition brought the NCM with the hope that there would be a split in the SLPP at the vote taking. The SLFP though disagreeing with the fuel price hike as a policy, voted against the NCM, to ensure the unity among the government ranks.

The CEYPETCO is in the red with the sharp increase of fuel prices in the global market. It has debts amounting to US$5.8 billion to the Bank of Ceylon, Peoples Bank and the Iranian company that supplies fuel to CEYPETCO. In addition, a number of state institutions owe it a colossal Rs.154, 228 million. In the five months of this year alone, the CEYPETCO had incurred a loss of Rs.5.7 billion, he noted.   

The fuel price increase was a collective decision of the government and Finance Minister after consulting the energy minister to put the fuel price increase in action. Therefore, the NCM against the energy minister was inappropriate and prevaricated action of the opposition, he noted.   

He said the SLFP expects to introduce amendments to the Sir John Kotelawala Defense University (SJKDU) Bill and the further amendments to the PTA in Parliament to make them more democratic.   

The discussion between the President and Prime Minister and the SLFP scheduled to be held on the 21st was postponed for Tuesday, 27th on mutual agreement, Minister Jayasekara said. 

 
Newly appointed spokesman of the Party, Kurunegala District Parliamentarian, Shantha Bandara admitted that voters as well as constituent parties of the government were in a state of disappointment and dejection over the prevailing situation in the country.   

Commenting on the trade union action of teachers, he said the government must find solutions to their grievances sooner than later.   

“The SLFP is aware of the difficulties faced by government teachers. For instance, when a teacher gets a promotion to the rank of a principal, his or her salary comes down by Rs.10,000 a month. These are not new problems. We also have decided to propose amendments to the SJKDU Bill in Parliament as this Bill also has created a lot of controversies and protests in the country,” he stressed.   

Minister Jayasekara, who is also the General Secretary of the Sri Lanka Freedom Party (SLFP) said in India, a liter of diesel costs Rs.255 and a liter of petrol Rs.276, while in Sri Lanka a liter of diesel sells at Rs.111 and a liter of petrol at Rs.153, even after the recent fuel price hike. Minister Jayasekara addressing the media at the party office yesterday said Sri Lanka’s fuel price was still the lowest in the region. “At the recent No Confidence Motion (NCM) debate in Parliament against the fuel price hike, not a single member of the opposition explained any remedial measure on how to resolve the energy crisis, what to do to contain the ever increasing fuel import bill or what action could be taken to prevent further economic down turn without increasing the fuel price. I request the opposition, if you have any strategy or plan to resolve the current energy crisis, pleas reveal it at least now,” Minister Jayasekara said. The opposition brought the NCM with the hope that there would be a split in the SLPP at the vote taking. The SLFP though disagreeing with the fuel price hike as a policy, voted against the NCM, to ensure the unity among the government ranks.

The CEYPETCO is in the red with the sharp increase of fuel prices in the global market. It has debts amounting to US$5.8 billion to the Bank of Ceylon, Peoples Bank and the Iranian company that supplies fuel to CEYPETCO.