Fuel price reduction if world oil prices drop: Ravi

The government will consider a further reduction in the fuel price if oil prices in the world drop, Finance Minister Ravi Karunanayake said. “We won’t do this as an election bribe. When the gas prices dropped in the world market we reduced the price accordingly,” he added.

 
Minister said that the world oil prices have not dropped yet, it will drop only once the Iran crisis is solved.

 
In the interim budget 2015, the new administration reduced the selling prices of main petroleum products namely petrol, diesel and kerosene to pass through the benefit of the price reduction of the international market to the consumers with effect from mid-January 2015.
 

The CPC’s total cost of the petroleum products imports during the first four month is around 90 billion rupees which is a 22 percent reduction when compared to petroleum products imports of 115 billion rupees during the same period of the year 2014.   (priu)