Oct 05, Colombo: Minister of Petroleum Resources Development Arjuna Ranatunga has said that no decision has been taken by the Ceylon Petroleum Corporation (CPC) to increase the fuel prices.
Minister Ranatunga said the other fuel supplier, Lanka Indian Oil Company (Lanka ) held a discussion with himself and the Ministry of Finance on raising their fuel prices and the government has requested them not to increase fuel prices.
He said that if the Lanka IOC increased the prices of fuel, considering the burden on the people the CPC would supply oil at the existing price even if the Corporation incurs losses.
However, if the government decides to increase fuel prices, then it would have to be increased, the Minister said.
The Minister was responding to a question raised by journalists during a media briefing held at the Ministry of Petroleum Resources Development.
Minister Ranatunga said if the Lanka IOC wants to raise prices they can do so but it is wrong for them to try to do what they want in this country.
However, the Minister also said that it is necessary to establish a price formula soon for the price of fuel.