Fuel prices were increased not mainly due to a hike in world crude oil prices, but due to the low foreign currency exchange of Sri Lanka, Minister of Energy Udaya Gammanpila said.
Stating that it is essential to be mindful of the usage of fuel under such circumstances, the Minister further called on the public to significantly reduce the use of their private vehicles as much as possible.
Minister Gammanpila said Sri Lanka currently does not possess the required foreign exchange to not only purchase and store fuel, but also to purchase stocks for current usage.
He further explained that the payment for fuel purchased for current usage will be made over the next 06- 09 months.
The Energy Minister pointed out that the issue at present have arisen due to a shortage of US Dollars in exchange of Rupees in the market.(NewsWire)