Cey­lon Petroleum un­der pres­sure to raise fuel rates

Daily Mirror (Sri Lanka) - - LATE CITY -

Sri Lanka’s sta­te­owned Cey­lon Petroleum Corp (CPC) is un­der pres­sure to raise fuel prices as the re­finer in­curred huge losses this year, cabi­net spokesman Ra­jitha Se­naratne said yes­ter­day.

The CPC in­curred a loss of Rs.9.9 bil­lion in the first two months of the year, a gov­ern­ment doc­u­ment showed.

“It (CPC) is un­der pres­sure to raise prices be­cause of such losses,” Se­naratne told Reuters af­ter the weekly cabi­net press brief­ing, adding it is not a “good time” to raise fuel rates ahead of the tra­di­tional Sin­hala-tamil New Year, which is cel­e­brated by 90 per­cent of the 21-mil­lion pop­u­la­tion.

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