CPC indicates possible petrol price hike
The Ceylon Petroleum Corporation (CPC) has indicated a possible fuel price hike.
Speaking to the media, CPC Chairman Sumith Wijesinghe explained that the CPC has incurred losses amounting to nearly Rs. 70 billion as of August 31.
In an attempt to solve this crisis and to keep up with the global maket prices , Wijesinghe noted that an increase in fuel prices in the local market is inevitable.
Speaking on the matter, Energy Minister Udaya Gammanpila stated that the decision on a fuel price hike is one that must be left in the hands of the government.
He added, however, that the matter has been brought to the attention of the Cabinet of Ministers.
"We have told the Cabinet that we are unable to bear these losses any longer. If they are able to provide us relief, we will be informed. Else, a price hike will be necessary", he said in this regard.