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| Sunday, 26 December 2004 |
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Fuel prices won't plummet just now by Anton Nonis The world market fuel prices are fast dropping giving rise to hopes that the prices here too would be reduced soon. When the `Sunday Observer' contacted the Power & Energy Minister, Susil Premajayantha, for his comments he said that Sri Lanka might have to hold on for a little longer to reap the benefits. According to Minister Premajayantha, the price of a barrel of crude oil had dropped to $40 from $ 55 during the past weeks - a reduction of $ 15 per barrel. However, the government has still not been able to pass on the benefit to the consumer, as the present stock of crude oil had been purchased at $ 45 a barrel about two months ago. Sri Lanka always keeps a buffer stock sufficient for at least two months, to avoid shortages. Premajayantha said that the rate of price drop in the international market would indicate that it would drop even further. The minister assured that if the price of a barrel dropped to about $ 35 or less, the benefit could be passed on to the consumer. He hinted that it might happen somewhere in February. |
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