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Saturday, 20 December 2008 |
 The supreme court ordered state authorities to cut petrol prices by 18% to 100 rupees ($0.895) a litre based on a price formula it laid out, with effect from midnight.
“The cabinet has decided not to cut prices from midnight as the Supreme Court official ruling has not been received yet,” Media Minister Lakshman Yapa Abeywardena said. “The cabinet will meet again once we receive it.”
Some fuel dealers said they had been waiting for the price cut to place new orders.
Officials of state-owned Ceylon Petroleum Corp (CPC) were not available for comment.
The Supreme Court became directly involved in setting the price after opposition politicians, businessmen and others sued, arguing that the state-owned oil company should not be able to pass its losses in an oil hedging arrangement to customers.
The government last reduced petrol prices on December 15, by 14% to 122 rupees.
PetrolWorld 181208
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