Fuel prices still high; Public want more subsidies – survey

Leading magazine LMD says that “the people at large protest about the relatively high price of fuel, but they are mostly in the dark as to why we’re in this predicament”.

The journal’s ‘Talking Point’ column notes: “The skyrocketing price of fuel in the second half of last year no doubt elevated stress levels across the nation, given the hardships that many have had to endure… especially given the higher cost of transport. But not many people out there realise why we continue to pay high prices for fuel (even after taking the price reductions of not so long ago into account) in Sri Lanka.”

In an exclusive poll commissioned by LMD and carried out by TNS Lanka, more than 80 per cent of participants say that the price of fuel is too high in this country. “The cost of living and public transport have escalated, they say, while pointing out that local fuel prices have not been brought down in line with world market prices,” LMD reports.

But only 38 per cent are aware that the price of fuel has been relatively high in this country because we hedged against oil prices going up in world markets, it adds.

Asked for their views on subsidies, almost 80 per cent say they favour further subsidisation, pointing to difficulties people are experiencing. The magazine points to “the high cost of living, not forgetting that the majority of Sri Lankans are poor”.

Asked about possible measures to minimise our dependence on oil imports, some suggest imposing high taxes on vehicle imports, while others say that oil exploration off the coast of Sri Lanka should be pursued.

The March edition LMD out now features the ailing tourism industry in its Cover supplement – expect a turnaround this year, post the end of the fighting in the north, it predicts.