President Anura Kumara Dissanayake stated that reducing fuel prices will take some time, but discussions will be held with relevant parties to explore the possibility of reducing prices in the near future.
During a meeting in Katukurunda, the President explained that a significant tax had been imposed on fuel after the Ceylon Petroleum Corporation’s (CPC) debt was absorbed by the Treasury.
He revealed that the Treasury had taken on approximately USD 3 billion of CPC’s debt, with the fuel tax implemented to recover the loan. The President emphasized that this tax cannot be removed until the loan is fully repaid.
To address the issue, President Dissanayake announced that a meeting has been convened with representatives from the Finance Ministry, the CPC, the Bank of Ceylon, and the People’s Bank to discuss the possibility of extending the loan repayment period in order to reduce fuel prices.
