The decision was taken at last night's (11) Cabinet meeting presided by Gotabaya Rajapaksa.
Minister of Energy - Udaya Gammanpila had pointed out to the Cabinet that the Ceylon Petroleum Corporation was incurring large losses due to steep fuel price increases in the global market.
However, the President has said not to increase the price of fuel immediately.
Speaking at a media briefing held yesterday, CPC Chairman - Sumith Wijesinghe had told reporters that as of Aug. 31, 2021, the CPC has incurred a loss of Rs. 70 billion.
Given the losses, there is no other option but to increase the fuel prices, he has added.
Speaking at the media briefing, Udaya Gammanpila said the CPC or the government cannot carry this burden any further and the CPC does not have the funds to purchase fuel.
He also said the CPC had suffered a loss of Rs. 1 billion in October.