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| Sunday, 6 June 2004 |
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Treasury cushion oil hike by Jayantha Sri Nissanka The Treasury absorbs the excess cost of Rs.600 million a month accumulated due to the escalation of world oil prices in order to cushion the impact of cost of living. "The world oil price has increased and several countries in the world have adjusted their prices accordingly. But the UPFA Government cannot further burden the people who have already suffered many economic hardships during the last two years", Power and Energy Minister Susil Premjayanth told the Sunday Observer. He said that if the "Oil Formula" introduced by the past administration to adjust the oil prices, the retail price of petrol will be Rs. 65, diesel Rs. 42 and kerosene Rs. 29.50. When asked as to how the Treasury was going to absorb this heavy cost, Finance Minister Dr. Sarath Amunugama replied that the Ministry was trying to find a way out. However, the oil prices are expected to come down as OPEC had decided to increase its production by 2.5 million barrels a day on Thursday to dispel fears that could hit the growth of many economies and increase the cost of living of developing countries. |
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