Possibility of fuel price reduction -Minister

Nadira GUNATILLEKE

There is a possibility of reducing the price of fuel in the next three months. The price of fuel did not go up since November 2009 and it is not likely to go up in future, Petroleum Industries Minister Susil Premajayantha said.

Minister Premajayantha said at a press briefing held at his office yesterday that the price of fuel can be brought down in the next three months when the Ministry commences importing oil directly from foreign countries. Discussions have been held with Iran, Oman and Saudi Arabia in connection with importing oil directly. Sri Lanka gets a discount when importing oil directly from foreign countries and it can be given to the public.

Minister Premajayantha pointed out that earlier the Ceylon Petroleum Corporation paid a tax to the Government on the profit it made but this tax had been cut down by the 2011 budget. The funds saved by not paying tax will be used to expand the storage facilities of the corporation. The price of oil in Sri Lanka did not go up even when the world market price went up during the past. The Corporation offered only clean oil to the public and send back ships which brought contaminated oil. A committee has been appointed to search natural gases within Sri Lanka’s sea limits, Minister Premajayantha added.