Kanchana hints at fuel price drop in March

Wednesday, 22 March 2023 01:31 - - {{hitsCtrl.values.hits}}

Reveals three new crude oil suppliers will be introduced within next two weeks to ensure competition in the market
Assures fuel pricing formula will continue and price drop may be possible in April
Says the Govt. in December will attempt to provide relief in relation to electricity tariffs

Three new crude oil suppliers are to be introduced to the Sri Lankan market in the next two weeks according to Minister of Power and Energy Kanchana Wijesekara. Speaking in parliament yesterday the Minister also hinted at a possible fuel price reduction in the coming days and said the Government will provide significant relief to the people through the fuel price revision in April.

Assuring that the fuel pricing formula will continue to be implemented, Wijesekera said that with the drop in the prices of crude oil and the appreciation of the Sri Lankan Rupee against the US Dollar, they will work towards providing the public with relief with regards to fuel prices. The Minister said it is likely the Government will be able to provide similar relief to the electricity tariff in December.

Minister Wijesekara said trade unions of the Ceylon Electricity Board (CEB) and the Ceylon Petroleum Corporation (CEYPETCO) were called for meetings and were told the Government will not compromise on its efforts to restructure the two organisations.

“Restructuring must happen. It will happen in the CEB and the CEYPETCO,” he said. The Minister revealed that last April it was decided to open the market to international suppliers to allow for competition in the crude oil market. Accordingly, he said three suppliers chosen by the Power and Energy Committee will be introduced to the local market within the next two weeks.