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| Wednesday, 16 June 2004 |
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by Manjula Fernando The Iranian Government has pledged to explore the possibility of increasing its oil subsidy to Sri Lanka, raising hopes of easing the pressure on local oil prices following the highest increase in the international oil market in 21 years. Iranian Ambassador in Colombo Behman Behoros gave this pledge following a request by Finance Minister Dr. Sarath Amunugama during a goodwill call on the Minister at the Treasury recently. The Minister pointed out that the Government has to spend colossal funds as loss recovery to the Ceylon Petroleum Corporation (CPC) to maintain a stable price in the local market without burdening consumers and local manufacturers. The price of a barrel of crude oil hit US $ 41 in the international market during the past weeks causing even developing nations to look for alternative sources of fuel. Although the prices have been slowly declining, the Government is still spending a huge amount per month as damages to the CPC. The Ambassador has said he will convey the request to the Iranian authorities and try to work out a fair deal for Sri Lanka with maximum possible benefits. |
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