Common fuel pricing formula to be introduced for LIOC and CPC

Minister of Energy and Power Kanchana Wijesekera says a common fuel pricing formula for Lanka IOC and the Ceylon Petroleum Corporation (CPC) will be introduced in the future.

In his first address in the parliament today (April 19) as the Energy and Power Minister, the lawmaker said an agreement in this regard was reached with Lanka IOC in a discussion held yesterday.

Speaking on the recent fuel price hike by the CPC after Lanka IOC’s move, Minister Wijesekara said the fuel prices were revised to minimize the daily loss of Rs 1.6 billion incurred by the corporation.

Taking to his official Twitter account, Minister Wijesekara said the Energy Ministry will give priority to procuring fuel timely, making fuel widely available and introducing a fuel pricing formula.

With regard to the Ministry of Power, the priorities will be to make adequate fuel available for power generation, restore uninterrupted power supply, speed up work on expansion projects and renewable energy, cost formula for power generation, utilize natural resources and expand grid capacity, he added.

“No matter how tough or difficult the job and the decisions are, my intention will be to make the right decisions,” Minister Wijesekara said further, adding that he hopes to receive the support of anyone who can contribute to rectify the Power and Energy crisis we face today and to implement a solid plan for the future.