There is possibility of significant reduction in fuel prices next month, says Sri Lanka’s Power Minister

Sri Lanka’s Power Minister Kanchana Wijesekara has said that there is a possibility of a significant reduction in fuel prices next month.

Speaking in the Parliament yesterday, Mr. Wijesekara said the Sri Lankan government would be able to procure fuel shipments at a lower and competitive bidding after receiving the IMF bailout. He also talked about the possibility to reduce electricity tariffs by December this year.

On a long term note, Mr. Wijesekara said, the plan to restructure Ceylon Electricity Board and Ceylon Petroleum Corporation would be presented to the Parliament within a month. It is to be noted that the prices of crude have reduced over the recent few days in addition to the appreciation of the Lankan rupee against the US dollar which favours easing of prices in the Island. The island received the approval of IMF’s board for the bailout on Monday as it looks to emerge from its worst-ever economic crisis. The petrol prices increased last year from levels of 170 to a high of 400 for a litre of octane 92 petrol. Similarly, electricity tariffs were sharply raised on at least two occasions as IMF had suggested cost-reflective pricing of utilities.

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