Sri Lanka, June 4 -- Prices would have risen by 115% without control mechanism Rejects claims of unjustified fuel price increases amid global oil volatility Government absorbs global cost hikes to protect consumers

Ceylon Petroleum Corporation (CPC) Chairman D. J. Rajakaruna said that if the CPC was not there within the Government to intervene in the fuel price control mechanism, the fuel prices would have increased by 115%, and the people would have ended having to buy diesel at Rs.750 per litre which has been averted by currently selling a diesel litre at a much reduced price of Rs. 407 by CPC.

He refuted all claims and rumours that are being circulated these days that CPC has increased fuel prices recently in the backdrop of world ma...