CPSTL Managing Director resigns

by Ifham Nizam

Ceylon Petroleum Storage Terminals LTD Managing Director M. Uvais Mohamed yesterday resigned from his post, Energy Ministry officials said.

Energy Minister Udaya Gammanpila had instructed the Ministry Secretary to remove him as the Managing Director of Ceylon Petroleum Storage Terminals Limited.

Mohamed tendered his resignation to the President’s Secretary.

The Island

learns Minister Gammanpila was not happy with the initiatives taken by the Director General. It is also understood there was a cold war between them.

While some claimed that one of the reasons the government was compelled to increase fuel prices was due to some lackadaisical attitudes of officials However, Cabinet spokesman Minister Dullas Alahapperuma yesterday said fuel prices were increased as a measure to address the foreign exchange crisis.

The Cabinet spokesman said that a discussion would be held at the next Cabinet meeting on the concessions to be provided to the public who have been severely affected due to the latest hike in fuel prices.

He said the decision to increase fuel prices was made following discussions with the Central Bank and the Finance Ministry.

“Fuel prices were increased as one of the steps to address the foreign exchange crisis,” he said.

Alahapperuma also recalled that when the late politician Mangala Samaraweera had proposed a fuel pricing formula, the proposal had been ridiculed.