The government will reduce the prices of petrol, diesel and kerosene oil once new shipments of fuel are received, Minister of Petroleum and Petroleum Resources A. H. M. Fowzie told The Island yesterday (15).
He did not specify when the new stocks would arrive but said they were likely to arrive `in due course.`
Fowzie said several countries had bought large stocks of oil when the oil prices were escalating recently on speculation that outbreaks of war or conflict in sensitive areas of the world may push up oil prices still higher. Now the oil prices had come down in the world market.
Due to some countries stocking oil the demand for oil in the world was reduced resulting in the prices coming down by more than 50 US Dollars per barrel. However, the Ceylon Petroleum Corporation had not received new stocks at the reduced prices as yet, he said.
When the new stocks arrive CPC will calculate the costs of petrol diesel and kerosene and sell these at reduced prices in the near future to the public Fowzie said.