June 04, Colombo: A special cabinet meeting will be held shortly this evening at Sri Lanka President Mahinda Rajapaksa official residence, Temple Trees, to decide on the petroleum prices and electricity tariff hikes.

The cabinet meeting will begin soon after the government parliamentary group meeting now being held.

Government petroleum retailer Ceylon Petroleum Corporation has announced that it is losing around Rs. 1.5 billion a month as a result of selling fuel lower than the actual price including the taxes.

Ceylon Electricity Board also loses two rupees per unit as a unit of electricity is sold at Rs. 10.80 while the actual cost for a unit is Rs. 12.80.