Fuel Importers are Making Bumper Profits ! Price Hikes Unjustifiable !

Mr. Ananda Palitha, a member of the Samagi Joint Trade Union Alliance, stated that the Ceylon Petroleum Corporation (CPC), which is not incurring losses but rather obviously earning profits, has decided to raise the prices of all fuel products. In fact, they generate a monthly profit of at least 12 billion rupees.

Mr. Ananda Palitha, a former employee of Ceylon Petroleum Corporation, has stated that from September to December of last year, the company made a monthly profit of 10 million rupees despite the fact that Sri Lanka was experiencing its worst economic crisis in its history.

While the Ceylon Petroleum Corporation (CPC) already has more than adequate fuel stocks for the next three months, it makes no sense for the cooperation to increase the fuel prices that came into effect on September 1, 2023. Furthermore, Mr. Ananda Palitha pointed out that the primary duty of both the parliamentary watchdog committee and the ministerial consultative committee is to look into the circumstances surrounding the implementation of a petroleum price hikes.

Mr. Palita stated that “as a direct result of increased fuel prices, Ceylon Petroleum Corporation will indefinitely earn substantial clear cut profit at the expense of public’s personal spending.”

Mr palither further pointed out that it makes no sense from any point of view considering it is obvious that by the time QR-based fuel selling systems were completely phased out, CPC was anticipating and intending on increasing fuel prices. It also makes no sense to consider that this price increase was initiated at the same time that a Chinese petroleum company began operations in Sri Lanka. Also, while this fuel price increase is in effect, all three fuel suppliers have more than adequate supplies of fuel in stock.

This petroleum price increase will adversely affect all sectors of society and the economy indefinitely. And as the Minister of Finance, the President must give the utmost priority to examining these unfair and senseless Ceylon Petroleum Corporation (CPC) practices. As a direct result of the implementation of this rise in prices, it is quite plausible to assume that CPC will be making a profit of at least 15 billion rupees indefinitely.

The public is aware that as a result of this price increase, not only has the cost of public transportation increased, but eventually all commodity prices will rise in tandem.

Mr. Ananda Palitha noted that Minister Kanchana Wijesekara had in fact emphasized that the entry of a third party, the Chinese company Sinopec, would guarantee uninterrupted and competitive petroleum pricing for the country. But to everyone’s astonishment, just as the Chinese CINOPEC began operations, the exact opposite of what was anticipated happened.