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Treasury Secretary Dr. P B Jayasundara appealed to the public and business community to curb fuel consumption, and brace themselves for further oil-led shocks. Sri Lankan economy is under twin attacks from a prolonging drought and spiralling global oil prices, and Jayasundara says everybody should adopt energy efficient methods and pruned down fuel consumption.
"The drought will cost us between 1.8 billion to 2.0 billion by way of subsidies. On top of it's the country’s fuel bills will end at around 1.
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2 billion dollars, over last year’s figures of about 700 million dollars. So some belt tightening measures are needed," Jayasundara told reporters on Monday.
The current drought is expected to increase thermal power generation along with energy consumption as consumers try to beat the heat.
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Dr. P B Jayasundara says fuel subsidies are being eased out, but the government will make an all out attempt to keep the rupee at Rs. 102 against the U.S dollar.
An all out effort is also being made