ECONOMYNEXT – Sri Lanka has slashed fuel prices with effect from Wednesday (29) midnight, Power and Energy Minister Kanchana Wijesekera said, after a protest by trade unions of state-run fuel retailer Ceylon Petroleum Corporation (CPC) resulting in queues at filling stations due to supply disruption.
The price of Petrol 92 Octane will be slashed by 15 percent or 60 rupees to 340, Petrol 95 Octane 95 will be reduced by 26.5 percent or 135 rupees to 375, Auto Diesel by 19.8 percent or 80 rupees to 325, and kerosene by 3.3 percent or 10 rupees to 295.
The protest against the government move to restructure the CPC has prevented the normal fuel distribution. Minister Wijesekera has asked to terminate protesters who had been disrupting the fuel distribution at the CPC’s storage terminal.
“We will not allow for the fuel shortage,” Minister Wijesekera told reporters.
“”Don’t panic. We have the highest amount of fuel in storage now compared to the last five year period.”
The fuel price reduction is expected to reduce the queues as motorists are likely to wait for another day to fill at a lower price.
Usually the fuel prices are revised usually in the first week of each month.
Wijesekera said on President Ranil Wickremesinghe’s advice and in line with the price formula agreed with the International Monetary Fund (IMF), the prices will be reduced from midnight today. (Colombo/March29/2023)