(UTV|COLOMBO) – Minister Bandula Gunawardena revealed that the monthly Fuel Pricing Formula was suspended as it caused a loss of Rs.12 billion to the Ceylon Petroleum Corporation.
The Minister said although a Fuel Pricing Formula was beneficial it was not implemented appropriately.
Minister Gunawardana noted that according to the Formula, prices increased and decreased in line with the increase and decrease in crude oil prices in the world market.
The Minister claimed President Gotabaya Rajapaksa suspended the Pricing Formula based on public opinion.
Minister Gunawardana added due to the Fuel Pricing Formula, the Ceylon Petroleum Cooperation incurred a loss of Rs.9 and Rs.12 for every litre of petrol and diesel respectively.
He noted the CPC incurred a loss of Rs.5 with every litre of super diesel sold.