The government should definitely increase the oil price due to the current financial situation as there is no other option, says the Governor of the Central Bank of Sri Lanka, Ajith Nivard Cabraal.
He also states that institutions, including the Petroleum Corporation, cannot be maintained without increasing fuel prices
Cabraal emphasized that as the Petroleum Corporation is doing a business, they cannot buy oil at a higher price and give it to the consumer at a lower price.
Central Bank Governor Cabraal has said that Sri Lanka’s oil prices are at an all-time low compared to India’s, even though India’s per capita income is about half that of Sri Lanka.
He also says that the cost of living should be managed by increasing fuel prices and adopting other strategies.
It has been revealed that the loss incurred by the Ceylon Petroleum Corporation in February was Rs. 11 billion.
