Common pricing formula for CPC and LIOC under discussion

By Saman Indrajith

Minister of Power and Energy Kanchana Wijesekera yesterday told the Committee on Parliamentary Business that discussions were being held with Lanka Indian Oil Company (LIOC) and the Ceylon Petroleum Corporation (CPC) to introduce a common fuel price formula.

A pricing formula would also bring a sense of predictability to the market that was disrupted by sudden hikes, he said.

The Minister said that he was consulting senior officers to overcome the current fuel crisis.

Wijesekera added that he would soon present to Parliament a report on the causes of the fuel crisis.

The Muthurajawela Terminal was now operating round the clock, he said.

“We have also paid for a ship carrying coal. With this we have sufficient coal until September,” he said.

The Minister added that they would prioritise fuel needed for aircraft and electricity generation. “We will introduce laws that allow airlines and the Ceylon Electricity Board to purchase fuel directly,” he said.

Minister of Trade and Minister of Samurdhi Development, Shehan Semasinghe said that steps were being taken to bring the gas supply to normalcy with the help of Indian credit lines and World Bank loan facilities.