Nov 22, Colombo: A newly formed Sri Lankan civil society group has planned to file a rights petition in Colombo District Court on Monday.

Counsel Ravi Jayawardhana, an activist of Corruption Watch said that the pact between the Ceylon Petroleum Corporation and financial institutes over hedging fuel violates the people's rights.

He said that the Ceylon Petroleum Corporation will purchase fuel at US $ 125 per a barrel in line with this agreement until June 2009 although the prices have slashed several folds now.

CPC entered into a contract with the Citibank Sri Lanka and Standard Chartered Bank when fuel prices were high to lock in the prices. The hedge paid off when the fuel prices sky rocketed in global markets before the financial crisis.