Sri Lanka, June 2 -- Despite recent fuel price increases, the Ceylon Petroleum Corporation (CPC) continues to incur substantial financial losses on every litre of fuel sold, CPC Chairman D.J. Rajakaruna said.

The Chairman said that the government has heavily cushioned the public from surging global energy prices, but warned that the financial allocation supporting these subsidies is rapidly running out.

According to Rajakaruna, the government allocated a massive budget of Rs. 57 billion to bear a subsidy of Rs. 100 per litre of diesel and Rs. 20 per litre of petrol. This financial relief was maintained through April and May and will continue into June. However, because this allocated fund will be completely exhausted by the end of June,...