Colombo, Nov 5 (Daily Mirror) – Former Energy and Lower Minister Kanchana Wijesekera has condemned a recent statement by the Chairman of Ceylon Petroleum Storage Terminals Limited (CPSTL), DJAS De S. Rajakaruna, clarifying that the previous government did not entered into any agreements with other operators. to compensate them for losses suffered in sales or pricing.

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“The CPC operates as an industry participant, not a regulator,” Wijesekera said.

“The pricing formula was introduced to ensure that CPC prices reflect costs. The CPC can determine its monthly prices independently, and refiners’ profits and losses are taken into account in the formula as long as the CPC administers it,” the former Minister added.

He stated that the previous government did not have agreements to cover losses suffered by other operators and that the government is only obliged to pay compensation to operators, including the CPC, if a fuel subsidy is approved and provided to consumers.

Rajakaruna had claimed that despite the CPC’s profitability, it cannot operate independently due to foreign oil companies in the country, and suggested that political interference led to foreign companies entering the market.