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Fuel price will be reduced once it decreases in international market: PM assures

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Prime Minister Ranil Wickremesinghe has assured that the fuel price will drop once its price decreases in the international market. Such benefits will be passed on to the people.

He explained that fuel prices had to be increased because the price of a barrel of oil had increased by 41 dollars since 2016 in the international market.

Premier Wickremasinghe gave this assurance while he was addressing a Janahamuwa at Hikkauwa. He delivered the speech after declaring open the new building of the Hikkuaduwa Divisional Secretariat.

Addressing the event, he stated that he wished to delve on the fuel price increase because it had become a burning issue in the country. The Ceylon Petroleum Corporation increased fuel prices last Thursday. Earlier, they acted according to the prices prevailing in the international market. But, although the previous regime increased local prices when the prices increased in the international market, it did not reduce prices corresponding to the decrease in prices in the international market.

He added that the government had no control over fuel prices in the international market, but he and President Maithripala Sirisena had both agreed that when prices decreased in the international market, that the benefits should be passed on to the people as a relief.

The Prime Minister said that when prices decreased in 2015, the government passed on the benefit to the people. Although prices increased in 2017, they continued to supply oil at reduced rates there by incurring a loss. But, since prices had escalated to unexpected levels the Petroleum Corporation could not continue to cushion the effect by providing fuel at reduced prices.

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