No hasty fuel price increases - minister

Atapattu BANDARA

The government has never taken a decision to increase fuel prices just because fuel prices in the global market escalate, Petroleum Industries Minister Susil Pramajayantha said in response to a statement made by UNP Spokesman Gayantha Karunathilaka.

UNP MP Karunathilaka speaking at a press conference said that fuel prices in Sri Lanka do not decrease on par with changes of world crude oil prices. The minister said the price of fuel does not decrease just because the price of crude oil in the global market goes down to some extent.

Fuel storage capacities in Sri Lanka are adequate for 35 days and therefore fuel is imported taking this time frame into consideration.

The fuel price was increased last February due to the price increase of fuel in September.

During that period, a barrel of crude oil increased to US $117 and a barrel of refined petrol rose to US $ 130, a barrel of diesel to US $135 and kerosene to US $133 a barrel, the minister pointed out.

Prices are not increased just because fuel prices go up. Fuel prices in the country cannot be reduced just because crude oil prices go down by a certain percentage internationally, the Minister pointed out in a press release.