• The decision to jack up oil prices was taken after consulting the  Central Bank, the Power and Energy Ministries and the Ceylon Petroleum  Corporation

By Sandun A. Jayasekera  

The government has taken the difficult decision to increase fuel prices in the domestic market, well aware of the difficulties faced by the people, as there is no other option than a price hike of petroleum products, as the national economy is in a major crisis as never before, Co-Cabinet spokesman, Mass Media Minister Dulles Alahapperuma said yesterday.  

The decision to jack up oil prices was taken after consulting the Central Bank, the Power and Energy Ministries and the Ceylon Petroleum Corporation, he added.  

Minister Alahapperuma told the weekly post cabinet virtual news conference that the price increase of fuel will affect all other goods and services and eventually spiral their prices as well.  

“The volatility in the global fuel market has put the government in a spot with no alternative than a price hike. But it is extremely unfair that the prices of fuel with subsidies have to be borne by low income families as well as those affluent people who can afford it. Therefore, I believe the fuel with subsidies must be given only to low and middle income families,” he stressed.  

Minister Alahapperuma also said though the combined opposition severely criticised former Finance Minister Mangala Samaraweera for having introduced a price formula for fuel,  he now believes that the price formula is beneficial to the consumer as well as the marketer. 

• The volatility in the global fuel market has put the government in a spot with no alternative than a price hike