By Ifham Nizam
Petroleum Ministry Secretary Dr. H. M. S. Samaratunga yesterday urged consumers to be frugal in fuel and power consumption as the Government had no control over international crude oil prices.
He told The Island yesterday tensions between US and Iran, the third biggest oil producer having escalated, oil prices would increase further. "As a small country we have no choice but to use it economically," he added.
Dr. Samratunga believes that consumers making suitable adjustments in their life styles and using oil sparingly would be the best choice.
With gasoline and crude oil prices continuing to surge and set records due to the unrest in oil-producing West Asia and the West’s embargo on Iranian oil, that would go into effect in July, he warned the public of higher oil prices in the future.
Crude oil prices rose further on Sunday by 0.79 per cent to US$ 104.06 a barrel and Brent crude up by 0.07 per cent to US$ 119.67 a barrel.
He said that the Government had to spend US$ 40-50 million to import a tanker load of fuel to the country and Sri Lanka imported 70 to 80 such consignments annually.
Last year the country had spent US$ 04 billion to import fuel up from US$ 03 billion in 2010 and this year the country had to import even more to meet the demand, possibly touching the US$ 05 billion mark, he added.
While the fuel prices were rising in the world market, the amount of fuel being imported by the country had also increased due to the demand placed by vehicles imports to the country, which had surged by 100 per cent in 2011 registering 525,421 new vehicles, according to Dr. Samaratunga.
Meanwhile, CPC sources said that they also carry the burden of the Ceylon Electricity Board, by providing fuel at concessionary prices.
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