Dec 03, Colombo: Widening the problems at Ceylon Petroleum Corporation (CPC) further the Minister of Petroleum and Petroleum Development A.H.M. Fowzie today told the Parliament that the oil hedging deal was a cabinet approved project.

Making a special announcement at the Parliament this morning the Minister stressed that the oil hedging deal was not his concept but it was a concept of the Central Bank Governor, Ajith Nirvard Cabraal.

He pointed out that the Central Bank Governor has urged that hedging be commenced several times even before Cabinet approval was obtained for the deal.

Meanwhile main opposition United National Party MP Lakshman Kiriella said if the Cabinet had approved this oil hedging deal all the Cabinet should resign as they are responsible for the losses now.

Oil hedging deal at Ceylon Petroleum Corporation is one of the burning issues in the country currently and former Chairman of the CPC Asantha de Mel had to resign on the orders of the Supreme Court.