Sri Lanka hikes kerosene price to cut losses

Colombo [Sri Lanka], August 22: Sri Lanka's state-owned fuel distributor Ceylon Petroleum Corporation (CPC) hiked the price of kerosene with effect from Sunday midnight to cut losses.
Issuing a statement, the CPC said the price of a liter of kerosene increased by 253 Sri Lankan rupees (0.7 U.S. dollar) to 340 rupees.
Kerosene is used among several vulnerable communities and was earlier sold at a subsidized rate of 87 rupees.
Last month, speaking in parliament, Minister of Power and Energy KanchanaWijesekera said that they planed to raise the price of kerosene and give a subsidy to low-income groups.
He said that the cost to produce a liter of kerosene is 421 rupees.
Selling kerosene at a subsidized rate is one of the main reasons why the CPC makes a loss, the minister said. (1 U.S. dollar equals 361 Sri Lankan rupees)
Source: Xinhua