The Island, on Thursday, 09th October in its Financial Review quoted Chairman, CPC Ashantha de Mel saying that the Govt has subsidised fuel for eight months and made a Rs. 23 billion loss. But on the contrary, the Annual Report of the Central Bank says that CPC’s burden on the government budget as fuel subsidies are being gradually phased out (page131).

In the meantime, the Ministry of Finance in its annual report published as required in terms of the Section 13 of the Fiscal Management (Responsibility) Act No 3 of 2003 concedes the profit made by the CPC as follows:

2005   Rs.11,100 million

2006   466 million

2007   7,078 million

When the world oil prices were less than USD 80 per barrel, the local price per patrol and diesel were less than Rs 80 and Rs 50 respectively.

Therefore, it is the duty of our elected representatives to see that the burden of the present tariff is eased by reducing the price of fuel as a sequel.