JVP askes government to tax Lanka IOC for excess profits


Feb 12, 2016 (LBO) – Sri Lanka’s Marxist Janatha Vimukthi Peramuna on Thursday called on the government to tax Lanka Indian Oil Company for excess profits the company is making.

Speaking at a press briefing the General Secretary of JVP, Tilvin Silva said the Sri Lankan government is currently giving subsidies to Indian companies.

“This government is working for the Indian government.” Silva emphasized.

“Lanka IOC is currently making a huge profit out of this non reduction of oil prices. At least the government should tax their excess profits.”

He said the government is currently collecting 65 rupees from every liter of petrol as excess profits and 53 rupees from diesel creating a “Black Market”.

Silva further said by not reducing the oil prices the government is making a huge profit while also allowing Lanka IOC a free run.

The President’s election manifesto pledged a fuel price formula within first hundred days of his government.

The government however says now it needs more time to implement it.

The Finance Minister recently said they had to pay for things like hedging deal and other wasteful activities of the previous regime out of these monies.

Silva says the Ceylon Electricity Board (CEB), Sri Lankan and Mihin airlines currently owe more than 17 billion rupees to Ceylon Petroleum Corporation(CPC).