Premium petroleum to cost more?

Power and Energy Minister Kanchana Wijesekera yesterday said the authorities have explored the idea of increasing the prices of ‘premium petroleum products’.

He said the daily requirements of premium petroleum products such as Octane 95 petrol and super diesel are less than 10% of the total market share.

Minister Wijesekera however said that increasing prices significantly of such premium petroleum products will not be a solution, as it will create an artificial demand for lower priced products.

These sentiments were shared just after increasing fuel prices across the board. The move meant all kinds of fuel is now priced above Rs. 400 per litre.

However, the view of the Minister was highly criticised by the fuel consumers and pointed out that it was unfair by the 10% premium product users who are already paying extra, whilst adding that Government should rather restructure CPC and analyse root cases for the losses to turnaround the company to a profitable one.