CPC in Rs 200 billion losses for three years due to corruption – union leader Fuel pricing formula soon Prospect of further reductions

By Ravi Ladduwahetty

Ceylon Finance Today: The government will reintroduce the fuel pricing formula again with the prospect of reducing the prices further, following Wednesday's reduction of prices of petrol, diesel and kerosene.

Former Deputy Secretary to the Treasury who is now the Secretary to the Ministry of Power and Energy Dr. Suren Batagoda confirmed to the Ceylon FT that the pricing formula would be implemented soon, but said that a deadline for the implementation could not be announced soon. He said that there was also a strong possibility of further reducing the fuel prices, but was reluctant to spell out deadline.

He was in conversation briefly with this newspaper as he was at a meeting with the US envoy in Colombo Michele Sison. Meanwhile, President of the Petroleum General Workers Union Asoka Ranwala told Ceylon FT that the government decision to reduce the prices of fuel was a relief to the suffering masses and that it was corruption during the previous regime which resulted in Rs. 200 billion loss for the last three year period.

He said that there was a great possibility of the CPC being turned around to a profit making body, that too only if the corruption was totally rooted out and legal action was taken against the culprits.
www.ceylontoday.lk