The Ceylon Petroleum Corporation will sell fuel at subsidized rate if the Lanka Indian Oil Company (LIOC) decides to increase fuel prices, Petroleum Minister Arjuna Ranatunga said yesterday. 

The Minister said the government had requested the LIOC not to increase fuel prices at this juncture. 

"But, they can increase prices despite our request. Then we will have to continue selling fuel at lower rates. We, as a government, have request them to refrain from increasing prices at this point, considering the economic hardships faced by the public," the Minister explained. 

He said the LIOC requested to increase prices in Sri Lanka based on fuel prices in the global market, that are on the rise. 

"Fuel prices should be adjusted based on a formula. They have to increase oil prices in the local market when there is a price hike in the world. But the same eagerness should be shown to bring down the prices when the prices plummet in the global market," he added.