Energy Minister Udaya Gammanpila said that fuel price could inevitably rise if the General Treasury does not provide relief, and the loan requested from Oman is not received the corporation can no longer afford it.
However, he says the price increase will not happen immediately and will take place after lengthy discussions.
He said it was his responsibility to provide relief to the people as well as to keep the CPC from going bankrupt and the CPC currently owing $ 3.6 billion to the two banks, the Peoples bank and the bank of Cylon.
However, he added that he had asked the Omani government for a $ 3.5 billion loan to buy fuel for next year and did not know if it would be received.
English