President Gotabhaya Rajapaksa has shot down a proposal presented by Energy Minister Udaya Gammanpila to increase the fuel prices.

The Cabinet meeting chaired by the President was held last night (25) using Zoom technology.

When the proposal was made, the President had stated that the people could not be inconvenienced by a price revision.

The President has instructed to discuss with the General Treasury the possibility of reducing taxes on fuel if possible.

Energy Minister Udaya Gammanpila has pointed out that the price of a barrel of crude oil in the world market has increased to US $ 57. Therefore, the Minister has informed the Cabinet that he will incur a loss of over Rs. 16 per liter of fuel.

Meanwhile, addressing the weekly Cabinet briefing a short while ago, Media Minister Keheliya Rambukwella said no decision was made to increase the fuel prices at the Cabinet meeting.

However, he admitted that the matter was discussed.