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No fuel hike in the offing

Petroleum Industries Minister Susil Premajayantha said the government would stop purchasing fuel from the global market and buy directly from friendly countries through government to government agreements.

Addressing the media after assuming duties afresh at his ministry following his re-appointment to the same post Minister Premajayantha said Sri Lanka had already resumed bilateral talks with Saudi Arabia, Oman and Iran and the outcome had been encouraging.

“We expect to finalize oil purchasing agreements with the three countries within the next three to four months. Sri Lanka expects some relief from the three friendly countries and a rebate for our purchases. If all goes as planned the Ceylon Petroleum Corporation (CPC) will be in a position to slash down fuel prices in the first quarter of 2011,” Minister Premajayantha said.

Sri Lanka is used to purchase oil from the global market through Singapore.

There will be no fuel hike at least in the next twelve months while the government takes efforts to further reduce fuel prices within the next three months, Minister Susil Premajayantha said yesterday.

Commenting on the import of a stock of substandard petrol from a South Korean company, Minister Premajayantha said the CPC will not only return the low quality stock but suspend the payment of US$ 14.1 million (Rs. 1.5 billion) due to the South Korean company.

Minister Premajayantha stressed that the CPC has not revised the fuel prices for the last one year despite the sharp fluctuation of oil prices in the global market.


Posted on Saturday, November 27, 2010 @ 02:23:06 LKT


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