CPC drops fuel prices for first time in 3-years

The Ceylon Petroleum Corporation (CPC) C) last week reduced fuel prices for the first time in some three years.

The price of a litre of petrol was reduced by two rupees to 99 rupees while diesel eased by 2.50 rupees to 64.50 rupees.

Petroleum Resources Minister Mohamed Fowzie told reporters that the price fall was because world market prices for crude have fallen and the government wanted to pass on the benefit to the consumer. The last time fuel prices were reduced was during the former United National Party (UNP) regime between 2002-early 2004.