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SC orders pricing formula
for petrol,
suspends CPC GM
CID directed to help probe Asantha
Petrol price may drop to Rs. 100
Steps taken to protect documents
The Supreme Court yesterday directed the Secretary to the Treasury to produce a pricing formula for petrol by December 17, taking into account only the government taxes, inclusive of import taxes, cost of oil handling charges etc.
The Court noted that large sum of money saved by the suspension of the hedging agreement, should be put to public utility.
The Supreme Court at an earlier date ordered the Central Bank (CB) to investigate the hedging agreement. Yesterday, the CB submitted its findings to the Court under confidential cover.
The original petition against the Ceylon Petroleum Corporation over the non-reduction of fuel prices in keeping with the world market prices was filed by W. K. H. Wegapitiya and supported by Uditha Egalahewa.
Intervenient petitioner Nihal Sri Amerasekera yesterday expressed doubts about the hedging documents being tampered with. The Court directed the CID to give the Monetary Board all the assistance to secure the documents.
Wegapitiya complained that the Deputy General Manager of the CPC, Karunaratne was still in service and he might tamper with the documents. The Court suspended his service.
The intervenient petitioner Vasudeva Nanayakkara had complained that the recreation fees of former Chairman and other hedging officers were financed by the Standard Chartered Bank. The CID and the IGP were ordered the assist in these investigation.
A litre of petrol at present costs Rs. 122. According to the new formula to be effected it should be around Rs. 100.
The Bench comprised the Chief Justice Sarath N. Silva, Justice K. Sripavan and Justice P. A. Ratnayaka.
Case will be called again on December 17, 2008.
