No petrol price hike - Fowzie

Minister of Petroleum and Petroleum Resources Development A. H. M. Fowzie, assured that there would not be an increase in the price of petrol as the newly imposed tax has been reduced to Rs. 5 per litre, following a request to the Treasury.

At present petrol is subjected to a customs duty of Rs. 10 per litre at the point of import. Since the import cost has increased a necessity arose for the CPC to increase petrol prices at least by Rs. 5 per litre.

However, since the duty has been reduced to Rs. 5 per litre, it is possible for the CPC to maintain the present price of Rs. 97 per litre.