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| Sunday, 6 February 2005 |
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Fuel prices to remain high by Rashomi Silva Benefit of declining petroleum prices in the international market is not likely to be passed on to the consumers with apparently stable value of US dollar against the rupee, the Ministry of Power and Energy announced. "Unless the Dollar devalues against the rupee further, it is doubtful that we would be able to bring down the prices of petroleum products in the near future," a spokesperson for the Ministry said. However he pointed out it is unlikely that the dollar will go down further in the near future as the government has to take other factors into consideration before bringing down the dollar. "There are also other reasons, that make price reductions difficult at this point," he said. The existing stocks at the Ceylon Petroleum Corporation (CPC) were imported two months back, therefore a price reduction will not be possible till stocks last, the official explained. Due to the kerosene subsidy the government has to bear a loss of Rs. 20 per litre but we will continue to absorb the loss and give Kerosene at subsidised rates, he said assuring that there will be no price increase in next few months to come. |
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