Reduced diesel price not sufficient for bus fare revision: Gemunu

Colombo, May 1 (Daily Mirror) - Following the price reduction of Lanka auto diesel from last night, Lanka Private Bus Owners' Association (LPBOA) Chairman Gemunu Wijerathne said today that this fuel price revision is insufficient for a bus fare revision at this time.

Addressing the media he said that according to the National Bus Fare Policy, the recent amount of the fuel price revision cannot be calculated.

Accordingly, the Ceylon Petroleum Corporation (CPC) reduced the retail price of a litre of Lanka auto diesel by Rs. 30 with effect from last night.

"During the past months, we provided the service while incurring a loss of Rs. 27 per litre of diesel. Even after the previous fuel price revision the association had taken a decision not to go for a fuel price revision as it was not even 4% of the minimum fare hike needed for a fare revision.

"According to the policy calculation, only Rs. 3 will be reduced from the bus fare, but it is not more than the minimum calculation of 4%.

"Therefore, a bus fare revision will be considered in July when calculating the annual fare revision," Wijerathne said.