Dec 17, Colombo: Petroleum Minister of Sri Lanka Susil Premajayantha says the latest increase in petrol prices is aimed at minimizing losses incurred by the Ceylon Petroleum Corporation (CPC).

The CPC increased the price of a liter of petrol by Rs. 10 with effect from midnight Friday and Lanka India Oil Company (LIOC) also increased prices soon after.

Premajayantha has said that the loss incurred by the CPC in the sale of a liter of petrol prior to the price hike was between Rs. 10 and Rs. 12.

He has explained that the CPC incurs losses amounting to Rs 16 on the sale of a liter of diesel and Rs 26 on kerosene.

He has added that a loss of Rs 40 is incurred on a liter of crude oil.

According to Premajayantha, the Ceylon Electricity Board (CEB) was yet to pay dues amounting to several billions to the CPC.