Treasury given time to consider

Wasantha Ramanayake

The Supreme Court yesterday granted time till January 27, for the Treasury Secretary to consider implementation of the Supreme Court order in connection with the reduction of the petrol prices.

Chief Justice Sarath N. Silva noted that the Executive on its own could not decide to vary or not to implement the court order but it should get the sanction of the court placing before the court, the material proof there to.

The Bench Comprised Chief Justice Sarath N. Silva PC, and Justice K. Sripavan, and Justice P.A. Rathnayake.

Deputy Solicitor General S. Rajaratnam on behalf of the Treasury Secretary Sumith Abeysinghe submitted that the Cabinet of Ministers had taken note of the Court order and further sought to give the benefits to a wider section of society.

He also added that the Government had already reduced the prices of the Diesel, and Kerosene.

Counsel Viran Corea for the petitioners submitted that if the respondents chose not to implement the court order they would move to withdraw the case on principle, that would result in the interim order staying the hedging agreement being vacated and it would be back in operation.

He submitted that court order should be respected and should be complied with.

The court also allowed an application by Counsel M.A. Sumanthiran on behalf of Presidential Advisor Vasudeva Nanayakkara to intervene in the proceedings.

Aveendra Rodrigo for the Lanka Indian Oil Company (LIOC) submitted that the company had duly reduced the price of petrol but could not continue to do so without the relevant duty waivers.

President's Counsel Dr. Harsha Cabral for the Monetary Board of the Central Bank submitted that the Board had submitted a report on the investigation to the Bribery Commission in terms of the court order.

Petitioner Laughs Chairman C.H. Wegapitiya filed the rights application against the hedging agreement stating that it was arbitrary and illegal while three petitioners Thiniyawala Palitha Thera, Parliamentarian Ravi Karunanayake and Attroney-at-Law Ravi Jayawardane filed the rights applications against high petrol prices.

Counsel Uditha Igalahewa appeared for C.H. Wegapitiya. Counsel Viran Corea appeared for the other three petitioners.

Dr. Harsha Cabral PC appeared for the Monetary Board of the Central Bank.

Deputy Solicitor General S. Rajaratnam appeared for the respondents.

Aveendra Rodrigo appeared for the Lanka Indian Oil Company.

The application was put off for January 27.