The disclosure was made in response to questions raised by CoPF Chairman Dr. Harsha de Silva, who sought clarification on the future of fuel pricing and the CPC’s financial position. CPC officials stated that while the subsidy programme is likely to be discontinued, no decision has yet been taken regarding a fuel price increase.
Dr. de Silva also questioned CPC representatives on how the corporation is managing its foreign exchange purchases amid recent volatility in the currency market. He noted that speculation had emerged suggesting that the CPC’s foreign exchange transactions may have contributed to fluctuations in the market.
The discussion follows remarks made by President Anura Kumara Dissanayake in May, when he revealed that the Government was considering a range of measures, including possible fuel pricing adjustments, to curb fuel consumption and ease pressure on public finances.
The President noted that rising global fuel prices had pushed the actual cost of a litre of diesel to around Rs. 720. Despite this, diesel continues to be sold locally at Rs. 392 per litre, with the Government subsidising approximately Rs. 100 per litre to maintain the retail price.
