Srilanka, June 21 -- The Ceylon Petroleum Corporation (CPC) would reduce retail prices of fuel when global fuel prices fall closer to the levels that prevailed before the escalation of US-Iran tensions in the Middle East, CPC Managing Director Dr. Mayura Neththikumarage said yesterday.

Dr. Neththikumarage was responding to our inquiry yesterday why falling global crude oil prices had not been passed yet on to local consumers, following reports of easing tensions between the United States and Iran, which have signed a 14-point Memorandum of Understanding to resolve their conflict within 60 days.

The Government has faced criticism from Opposition parties that consumers are not receiving the full benefit of falling global crude oil prices...