Iran will provide oil at a concessionary rate of US$ 110 per barrel to Sri Lanka until July under the agreement signed by President Mahinda Rajapaksa with the Iranian Government.
Speaking at the Weekly Cabinet Briefing, Media Minister Lakshman Yapa Abeywardana said though oil prices are increasing in the world market, with this relief measure, the country has been able to save nearly U$$ 1,500 million under this agreement.
A committee appointed by the President is studying world oil price fluctuations to find out ways of providing relief for consumers. `We do not want to place burdens on ordinary masses and have not taken any decision to increase fuel prices,` he said.
Once the expansion of the Sapugaskanda oil refinery is completed with Iranian assistance, we can save a huge amount of money spent on oil imports,` he said.