LIOC propose fuel hike
June 16, 2011 02:25 pm
The Lankan Indian Oil Company (LIOC) stated that it has sent the government its proposal for a petrol and diesel hike to the government. It is difficult for LIOC to sell fuel at the current stipulated prices, LIOC Managing Director K.R. Suresh stated.
He added that a Rs.30 increase on a litre of diesel and a Rs. 2 hike on petrol had been proposed.
However, Petroleum Industries Minister Susil Premajayantha told Ada Derana that he had received no such proposal from LIOC.
The Minister stated that the government is currently incurring a loss of Rs.30 per litre of diesel whereas there is nothing stopping the LIOC from increasing its prices.
He added that the government had no intention of increasing fuel prices at the moment.
