Nov 28, Colombo: Sri Lankan Supreme Court today ordered the suspension of Petroleum Resources Minister A.H.M. Fowzie and Ceylon Petroleum Corporation (CPC) Chairman Asantha de Mel with immediate effect.

Acting on a petition filed against the controversial oil hedging deals the Supreme Court further ordered to stop the payments to banks under this deal until a final determination of this case.

The Supreme Court directed President Mahinda Rajapaksa to take over the Ministry of Petroleum and the importation and exportation and selling of petroleum products.

The Court also directed to appoint Secretary to the Treasury to act as the CPC Chairman until a suitable person is appointed.

Chairman of the LAUGFS Gas, W.Wegapitiya yesterday filed a fundamental rights petition seeking Supreme Court intervention to introduce a price formula for fuel.