Fuel prices to increase
The Cabinet Sub-Committee on Cost of Living (CoL) has approved the increase of fuel prices.
Speaking at a press briefing held today (11), however, Minister of Energy, Udaya Gammanpila noted that it is yet to be determined as to when this price hike is to come into effect.
This decision will be made by both the Ministry of Finance and the Ministry of Energy, Gammanpilla noted.
Furthermore, Gammanpilla stressed on the fact that despite the significant hike in fuel prices in the global market, the Government refrained from increasing the prices for nearly 21 months, taking into consideration the struggles that the citizens are currently facing, owing to the COIVD-19 pandemic.
“However, unfortunately the government is no longer able to bear this huge loss,” the Minister said, adding that the Ceylon Petroleum Corporation (CPC) incurred a loss of Rs. 331 billion last year.