CPC Chairman`s `hedging gambling` is the reason behind not reducing fuel price
(Lanka-e-News, November 03, 2008, 5.30 PM) Informed sources say that the Ceylon Petroleum Corporation (CPC) Chairman`s `hedging gambling` leads to massive losses prompting the government not to pass the advantage of fuel price decline in the world market to the local consumers.

CPC is to pay Rs. 250 million (US $ 25 million) to Standard Chartered Bank next week for its oil hedging deals in the recent past.

CPC trade unions point out that the advantage of the fuel price decline cannot be passed on to the consumers because of this reason. They charge that the fuel purchasing agreements of the CPC Chairman with the unscrupulous elements like money launderers have led to this massive loss. CPC owes further US $ 700 million obtained to purchase fuel. Trade unions say that the government will not give the advantage of fuel price decline to the consumer in this backdrop.

Sri Lanka maintains the fuel prices that were set when a barrel of crude oil was $ 148 despite international crude oil prices have dropped up to $ 58 currently.
Trade unions of CPC accuse that the Chairman engaged the company in this kind of illegal gambling overpowering the subject Minister thanks to the protection from top most authorities of the government. They demand an urgent investigation regarding his conduct.