Sri Lanka: CPC & LIOC Maintain Petrol Retail Price Levels
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Tuesday, 12 August 2008 |
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The Ceylon Petroleum Corporation (CPC) and Lanka
Indian Oil Corporation (LIOC) say there is no immediate plans to reduce
fuel prices although overseas crude prices are falling sharply.
CPC Chairman CPC Asantha de Mel told The Sunday Times FT that fuel
prices are calculated on a monthly average basis and the daily price
fluctuations has no bearing whatsoever on the CPC fuel pricing formula.
"We have not been raising retail prices in the hope that international
prices would come down and if the present trend of declining prices
continues we can consider a fuel price reduction next month," he said
LIOC Managing Director K. Ramakrishnan also said there were no plans to
cut prices. The company has to pay a levy of Rs. 24.50 per litre on its
imports. He said LIOC was selling all its petroleum products at prices
on par with the CPC and incurring losses from the sales of petrol due
to the additional tax. He added that the price of LIOC petrol will
continue to be the same as the CPC.
On average, the CPC sells 45 million litres of petrol and 170 million
litres of diesel per month while LIOC sells 15 million litres of petrol
and 30 million litres of diesel. World crude fell to US$117 per barrel
from US $ 150 some months back.
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