LIOC hinted that they want to increase the price.
Thereafter Minister said in the parliament Govt. does not want to increase price even though running at a loss. But also says cannot go on and have to introduce the formula.
LIOC did not increase the prices
2nd IMF deadline for the formula is 31st March 2018
Government will not increase oil prices: Ranatunga
The Government has not decided to increase the oil prices, Petroleum Resources Development Minister Arjuna Ranatunga assured in Parliament yesterday.
He said the Lanka IOC expressed their wish to increase the fuel prices, but the Government would not allow them to increase.
Minister Ranatunga was responding yesterday to a query made by Joint Opposition Parliamentary Group Leader Dinesh Gunawardena , who said that there was a public opinion that the Lanka IOC was given permission to increase the fuel prices.
“Had the Government decided a formula to increase the fuel prices and privatise the Ceylon Petroleum Corporation (CPC) on the instructions of the IMF?” he queried. Minister Ranatunga said the CPC has not taken any decision to increase the prices.
“We have informed the Lanka IOC not to increase the prices now,” the Minister said.
“The CPC incurred losses because of the relief given to the people. Those issues would be presented to the House during the budget debate. There would be no increases of electricity prices and the CEB would not be affected,” he said.
He said no decision was taken to privatise the CPC. “We needed a price formula for the fuel prices owing to the price fluctuations in the world market. We needed the formula to keep local prices stable,” he said.
The Minister said the Government reduced the petrol prices to Rs. 117 from Rs. 150, Super Petrol Price to Rs. 128 from Rs. 198. The price of super diesel was reduced to Rs. 110 from Rs. 133, while the kerosene oil price was reduced to Rs. 44 from Rs. 81.
What are the probabilities ?
Tax reduction ????
May be able to get 50% return in 1 month ?
Think and invest.