Energy Minister Udaya Gammanpila today (11) said that if there is no concession provided by government, there is no alternative but to increase the fuel prices.
Addressing the media, Gammanpila said that the Ceylon Petroleum Corporation (CPC) has suffered a loss of Rs. 1 B billion in October.
“We have informed the Cabinet regarding these issues. We cannot suffer these losses anymore and the CPC does not have enough funds to buy fuel,” the Minister said.
Speaking further, Gammanpila said that the Cabinet does not approve a relief to mitigate the situation, there will be no other option than increasing fuel prices.