Co-Cabinet Spokesman Minister Ramesh Pathirana states that the price of crude oil in the international market is increasing rapidly due to the heat of the war between Russia and Ukraine. He says that due to this the fuel prices in the local market will have to be revised as compared to the increase in the world market prices.
Minister Ramesh Pathirana stated this addressing a media briefing held in Colombo today.
The Minister further stated that the government has not taken any decision to increase fuel prices so far. However, he says the price will have to be revised soon.
Pathirana states that the CPC is still selling fuel at a huge loss and that the company cannot continue to bear that loss.
The Ceylon Petroleum Corporation (CPC) has already restricted the supply of fuel due to rising fuel prices and high losses in the world market, which has led to severe fuel shortages across the country.