By Aisha Edris and Sarashi Samarasinghe
With plummeting global oil prices the fuel furore took a new turn yesterday with private stations curtailing buying over the expectation of a reduction due to the pending Supreme Court ruling expected today.

CPC recorded 40% decline in petrol orders received during the week from filling station owners. According to CPC sources, the reason for the decrease was the speculation of an impending price reduction order by the Supreme Court.

On Monday, the Supreme Court ordered the Treasury to come up with a formula based on the Court’s guidelines, which will be taken up today.

The source added that the buyers are presently placing orders only to meet the current demand of the market.

Meanwhile, a highly placed CPC official said the Corporation would take stern action against the filling stations, if they do not store the minimum requirement.

“CPC has sufficient amounts of fuel in its stores. The filling stations cannot withhold fuel. Our marketing division will be taking stern action against such filling stations,” he said.

The Supreme Court claimed that the upper tax limit on fuel should be 100% and the tax should be between 75% and 100% on Monday. The Court added that the benefits of a reduction in oil prices in the global market should be passed on to the public. Also, the Court directed the Treasury Secretary to submit an appropriate price formula with a price reduction today. Meanwhile The Bottom Line spoke to a several fuel station owners regarding their stance.

“We do not have any problem regarding fuel up to now. But we cannot comment about the future,” said Lanka Indian Oil Company (IOC), Flower Road, Accountant Y. Arambuaththa adding that they have had many losses regarding the fuel prices though there is no trouble as such at the moment. Other vendors echoed the Accountant recalling that they had to endure losses of around Rs.250 000 but had no choice since it was government policy. There was trepidation over the situation following the SC ruling today.