Energy Minister tables fuel cost breakdown in Parliament to address profit controversy

Thursday, 7 September 2023 04:08 - - {{hitsCtrl.values.hits}}

In a move aimed at dispelling misconceptions and clarifying the financial landscape of fuel suppliers, Power and Energy Minister Kanchana Wijesekera presented a comprehensive breakdown of fuel costs for the Ceylon Petroleum Corporation (CPC), Lanka IOC (LIOC), and Sinopec in Parliament yesterday.

The disclosure comes in the wake of a recent price revision in fuel rates, effective from 1 September.

Taking to ‘X’ Minister Wijesekera emphasised that the maximum profit margin allowable for any fuel supplier stands at 4% per litre, as stipulated in the fuel price formula adopted by the Government.

“Hope this clears out the misleading and false statements made by various individuals on unreasonable profits gained by other suppliers and CPC.

One of the main aspects addressed in tabling the breakdown was setting the maximum retail price for fuel; a responsibility overseen by the Power and Energy Ministry monthly.

He also noted that any fuel supplier is at liberty to sell their products below the established maximum price, thereby creating a competitive environment for the benefit of consumers.