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Indian Petroleum Minister to visit Sri Lanka

by Rashomi Silva

Ram Naik, the Indian Petroleum and Natural Gas Minister is expected here by the end of this month for the launch of Indian Oil Corporation's (IOC) filling stations here, the Ceylon Petroleum Corporation (CPC) announced.

The ownership of 100 filling stations were transferred to IOC Lanka Pvt. Ltd under a government-to-government deal, while another 100 will be managed by the CPC and the management of the remaining one third will be given to a third party, a CPC official announced.

"We had no option other than to sell the management of these outlets to Indians as the CPC is in debt and we are overstaffed due to the mismanagement of the previous office," a senior official said.

When asked whether the IOC will introduce unreasonable price hikes he said the price revisions will be done according to a standard formula. "This is the formula adapted by the entire South Asian region and therefore they will be compelled to abide by it. We have instructed them not to increase prices by more than Rs. 2 per month. However the CPC does not usually increase prices by more than one rupee at a time." Despite declining petroleum prices in the international market the debt-ridden CPC is not in a position to bring down the prices, he said.

Meanwhile the CPC's launch of new CPC logo and the inauguration of the Aviation Refuelling Terminal new office at the Katunayaka International Airport will coincide with the arrival of the Indian Minister. The visiting Indian Minister is expected to be present at the opening, an official said.

Power and Energy Minister, Karu Jayasuriya will meet the Indian oil Minister during his official tour, Ministry sources announced.

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