Last month’s profits from petrol sales are likely to turn into losses, while losses from sale of diesel fuel would continue to mount if the state refinery cuts the diesel price as well which LIOC would be forced to match, he said.
The state-run Ceylon Petroleum Corporation Tuesday slashed the price of a litre of 90 Octane petrol to 115 rupees from 130 rupees, and 95 octane petrol to 133 rupees a litre from 148 rupees.
The move came with presidential elections barely a month a way and followed government-mandated price cuts in essential commodities like sugar and other products.
The Consumer Service ministry has called a news conference Wednesday to announce a price cut in liquid petroleum gas.
Price cuts ahead of elections are an old gimmick resorted to by ruling parties to try to w