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 Post subject: Fuel prices going up?
 Post Posted: Thu Mar 31, 2005 1:23 am 
Fuel prices going up?

31MAR2005 / DM

A price hike of petrol, diesel and kerosene is imminent according to the CPC and Indian Oil sources.

The sources claim that prices of petrol would be increased by Rs. 4, diesel by Rs. 8.50 and kerosene by Rs. 17.80. Reportedly these price hikes have already been recommended by the fuel price revision committee and the Minister has been notified.

If these price revisions are implemented the price of a petrol litre in the city limits of Colombo will rise from Rs. 70 to Rs. 74 while prices in other areas will be raised to Rs. 72 from the present Rs. 68. Similarly diesel prices in Colombo will increase from Rs.44 to Rs. 52.50 and kerosene from Rs. 25.50 to Rs.43.30.

Meanwhile in the latest tit for tat policy the Ceylon Petroleum Corporation (CPC) has stopped paying taxes which are due to the Treasury after the latter stopped the subsidy given to the CPC.

Power and Energy Minister Susil Premajayantha said he had taken this step in response to the Government's decision to end the subsidy extended to the CPC since October last year.

According to the Minister without the subsidy of Rs. 6 for a white petrol litre, Rs.8 for a Diesel litre and Rs.14 for every Kerosene litre they cannot control the escalating fuel price. Therefore Mr. Premajayantha insisted that the taxes have to be waived to avoid further fuel price increases.

Under the tax scheme Rs. 20 had to be paid for every litre of petrol and Rs. 2 per diesel litre. No taxes were imposed on kerosene sold by the CPC despite the Treasury granting a Rs. 14 subsidy. However slightly altering its stance the Treasury has agreed to grant the subsidy for kerosene, the Minister said.

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