Energy Minister reveals fuel cost breakdown

COLOMBO: Minister of Power and Energy Kanchana Wijesekera emphasizes that the maximum profit margin allowed for any fuel supplier is 4% per litre as in the fuel price formula adopted.

Taking into social media platform X (formerly Twitter), Wijesekera stated that he has tabled the fuel cost breakdown of the Ceylon Petroleum Corporation (CPC), Lanka Indian Oil Company (LIOC) and Sinopec after the price revision implemented on Sept. 1.

Furthermore, he expressed hopes that this would clear the misleading and false statements made by various individuals on unreasonable profits gained by other suppliers and the CPC, adding that the maximum profit margin allowed for any fuel supplier is 4% per litre as per the fuel price formula adopted.

In addition, the minister asserted that the maximum retail price for fuel has been set by the Ministry of Power and Energy every month and any supplier can sell their products below the maximum price.