The Ceylon Petroleum Corporation (CPC) has submitted proposals to the Minister of Energy to revise fuel prices once a month or every three months.

Proposals have been made to the Minister to revise the fuel prices within a specified period of time in view of the sudden increase in prices and the fluctuations in the world market.

The Petroleum Corporation is currently losing Rs. 50 per liter of diesel and Rs. 17 per liter of petrol, said the Chairman of the Ceylon Petroleum Corporation, Sumith Wijesinghe.

The Minister of Energy has been directed to draw the attention of the Minister of Finance to the immediate increase in fuel prices and to study the trends of rising and falling fuel prices and to formulate a methodology to introduce to the CPC a marketing price that represents prices and costs within a specified period of time.

He also says that the loss incurred by the corporation should be covered in several stages.