SriLanka, Sept. 24 -- Ceylon Petroleum Corporation (CPC) Chairman D.J.Rajakaruna said yesterday that discussions are underway between the government and private fuel distributors regarding government subsidies or price revisions, as these companies face heavy losses from rising global oil prices. The Chairman revealed that private distributors such as Sinopec and RM Parks have restricted their fuel releases to the market due to massive losses caused by world market prices.

According to figures presented, Sinopec faces a loss of Rs.192 per liter of diesel and Rs.67 per liter of petrol, while RM Parks incurs a loss of Rs.173 per liter of diesel and Rs.38.75 per liter of petrol.

As their contracts allow them to expect government subsidies ...