The Ceylon Petroleum Corporation (CPC) has again urged the Ministry of Power and Energy to increase fuel prices rapidly.
Sumit Vijayasinghe, chairman of the Ceylon Petroleum Corporation, said that when the price of fuel in the world market rises, the price of fuel should be adjusted at the national level once a month or every three months.
He further stated,
It is noteworthy that the Ministry of Power and Energy has stated that no decision has been taken so far to increase fuel prices.
On the 7th we urged the Ministry of Power and Energy to increase the price of fuel at the national level in line with the increase in world market prices.
The Ministry of Power and Energy has not yet taken a favorable decision on fuel pricing.
We are facing a loss of 50 rupees per liter of diesel sales and 17 rupees per liter of petrol sales due to non-increase in world market price of fuel.
The corporation will face a further financial crisis if fuel prices do not rise.
We have for the second time urged the Ministry of Power and Energy to increase fuel prices in view of common factors.
Fuel prices need to be adjusted nationally every month or every three months as fuel prices rise in the global market. We have also stressed the need to introduce an appropriate fuel pricing formula.
We expect the Ministry of Power to take a positive decision on our request.