Sri lanka News – Following a 290 percent price hike for kerosene, Sri Lanka has decided to provide a direct cash transfer to low income families, fisherfolk and plantation workers, Minister of Power & Energy Kanchana Wijesekara said.
The minister tweeted on Monday August 22 that the price revision was long overdue and one reason the state-run Ceylon Petroleum Corporation (CPC) made exorbitant losses was selling kerosene at subsidised prices.
“With prices now on par with costs, the government has proposed a direct cash subsidy to low income families, fisheries & plantation sectors that depend on kerosene,” Wijesekera tweeted.
Kerosene price revision was a must for many years. One main reason for CPC losses was selling at subsidized prices. With prices now on par with costs the Govt has proposed a direct cash subsidy to low income families, fisheries & plantation sectors that depend on kerosene.
— Kanchana Wijesekera (@kanchana_wij) August 22, 2022
On Sunday August 21, Sri Lanka hiked the price of kerosene from 87 rupees per litre to 340 rupees per litre.
It was jus on Saturday August 20 that the sole refinery in the country which also produces kerosene started operations after being closed for months.
Although often kerosene production has been blamed for the losses CPC makes, the number of workers that SOEs employ while the efficiency of those sectors remain below par, analysts say. (Colombo/Aug22/2022)