Sri Lanka government as the sole authority of Ceylon Petroleum Corporation has to bring down the prices of fuel as world oil prices were on track for a fifth weekly decline early on Friday, weighed down by the loss of demand in China amid the corona virus outbreak.
Crude oil prices decreased mainly due to worries about lower demand from China which is the world's largest oil importer, following Corona virus outbreak, Central Bank announced in its weekly economic report recently.
Overall, Brent prices fell by US$ 0.7 per barrel and WTI prices rose by US$ 0.1 per barrel, during the period ending last Friday 07, CB said.
The world crude oil price has dropped to US$ 54 from $70; economic analysts said adding that the price of fuel in Sri Lanka should be brought down at least by Rs.20.
Treasury Secretary, S R Attygalle disclosed some times back that they are following a cost reflective method to determine the fuel prices in the country as the fuel price formula of the previous regime is no more.
If there is such a method of calculating the local fuel price then the Finance Ministry will have to announce a reduced price for fuel passing the benefit of world oil price drop at present, they said.
The present opposition has no concern on the current economic trends and its impact on the people as their main issue is the leadership struggle and internal party conflicts ,economic analysts said
.
They added that the main opposition party is not worried about the government's economic management and the people’s sufferings at all.
Meanwhile President Gotabaya Rajapaksa has nominated his Secretary Dr. P B Jayasundara as his representative to visit Qatar for energy talks following an invitation extended by the energy minister of the Gulf State Saad Sherida Al Kaabi when he visited the Indian Ocean island recently ,the President’s office said.
(LI)