Decision to reduce fuel prices will be made known shortly - CPC chairman

by Ananda KANNANGARA

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The Ceylon Petroleum Corporation (CPC), Chairman Ashantha de Mel denied certain media reports over an immediate price reduction of petrol, diesel and kerosene and said that the government's decision in this regard will be announced within the next two weeks.

"Although the CPC has large stocks of fuel for future needs, we are not in a position to grant an immediate price reduction," he said.

He said everyone knows that the existing fuel stocks were purchased at higher prices few months ago.

The Chairman said the country has already purchased a large stock of fuel to meet the annual need of 40 million litres of petrol, 145 million litres of diesel and 16 million litres of kerosene. De Mel also admitted that the world oil prices have come down to 90 dollars a barrel from about 145 dollars two months ago.

When asked about the remarks made by UNP Parliamentarian Ravi Karunanayake over the fuel price reduction and the party's decision to sue the CPC demanding an immediate price reduction, the CPC Chairman refused to make any comment on it and said that anyone could take any matter before the judiciary.