Relief for masses in April fuel price revision - Minister | Sunday Observer

Relief for masses in April fuel price revision - Minister

22 March, 2023

Power and Energy Minister Kanchana Wijesekera told Parliament yesterday that the people will be given considerable relief for fuel next April following the upcoming fuel price revision. 

The Minister said steps would be taken to reduce electricity tariffs as well by December this year. He said that the fuel price formula was continued and was also implemented this month as well. The Minister said this while participating in the debate on the regulations under the Petroleum Resources Act.

The Minister said that President Ranil Wickremesinghe also advised giving concessions for fuel in view of the stabilisation of the rupee and falling crude oil prices in the world market.

The programme started to restructure the Ceylon Electricity Board and Ceylon Petroleum Corporation will not be taken back and it will definitely be done in the future. He said the restructuring plan of the CEB and CPC would be submitted to Parliament within a month.

He also said that three internationally recognized suppliers will be introduced in the Sri Lankan market within the next two to three weeks to create competition in the petroleum industry.

Some political parties are engaged in constant protests. “Investors will not come to the country when they protest in the streets and switch off the electricity,”he said.

“Most trade union organized protests are led by political parties. Their slogans will vanish when international funds flow decreasing fuel prices and prices of goods. Therefore, these people are now very upset and making threats. It doesn’t matter what happens to the country and they want to grab power,”he said.

Letters of Credit can be opened from next week. No supplier will come without opening LCs. Now supplies are available at low cost and competitive supplies are available. And there is time to pay for those supplies.After the IMF bailout, we will be able to procure fuel at lower and more competitive bidding. We will be able to obtain a long-term credit facility as well.