Fuel price revision is decided by a Cabinet subcommittee on cost of living: Minister

Energy Minister Udaya Gammanpila said in a press conference today that the Cabinet sub-committee on cost of living has resolved to revise fuel prices, and the date of the modification will be revealed very soon.

He said that the date could not be announced because of the country's epidemic condition, which would result in long lineups at gas stations.

"Despite a massive increase in global fuel prices, the government has managed to hold current fuel prices without revising them for 21 months; unfortunately, the government can no longer keep prices stable; there has never been an era in history when prices in the global market have not been revised for such a long time. The Ceylon Petroleum Corporation will suffer a Rs. 331 billion loss."

As a result, the CPC's debt has become unsustainable, he claims.

"The government must spend $3 billion on fuel imports each year." Foreign investment has halted due to the pandemic situation. Foreign workers have returned in large numbers, and their remittances have decreased. In the midst of a currency crisis, spending $3 billion on fuel imports is difficult,' he said.

The Cabinet subcommittee on living expenses decided to revise fuel prices following a lengthy debate, which will be made up in the near future, Minister Gammanpila added. 

(Chaturanga Samarawickrama)