• Notes better service to public, more profitability, less corruption
• SJB yet to make final decision     

Although the main Parliamentary Opposition, the Samagi Jana Balawegaya (SJB) is yet to take a final decision on the matter, its Parliamentarian S.M. Marikkar stated that he supports privatising inefficient State-owned enterprises (SOEs) such as the Ceylon Petroleum Corporation (CPC), as a more quality service can be provided to the public whilst earning a profit and reducing corruption.

Speaking at a press conference held at the SJB head office, SJB Parliamentarian S.M. Marikkar said yesterday (28) that by privatising inefficient SOEs like the CPC, a more quality service can be provided to the public while earning a profit.

He said this in response to a question raised by the media in connection with the Cabinet of Ministers’ approval being granted for three foreign entities to enter the fuel retail market in Sri Lanka. He also mentioned that he should support any group that implements economic policies that he believes in. 

“The market of our country should be opened up more. We cannot develop a country by closing the economy. We should take the country to a competitive market economic system. My personal opinion is that the decision taken by President and Minister of Finance, Economic Stabilisation and National Policies Ranil Wickremesinghe is very good and timely. The entry of several companies into the market is something that will increase the market competition. It will make the relevant sector develop,” he noted.

Speaking further, he said that corruption in the CPC will also be prevented through this measure. “The public will get very little benefit from the Government keeping this petroleum monopoly. They will not get the benefit even when the petroleum price in the world market goes down. But, if there are several companies in the market, when one company reduces the price of oil, the other companies will be compelled to reduce it. The benefit will then go to the public,” he said.

The Cabinet recently granted approval to award licences to China’s Sinopec, the United Petroleum of Australia and R.M. Parks Inc. of the United States in collaboration with Shell PLC to enter the fuel retail market in Sri Lanka. The Minister of Power and Energy Kanchana Wijesekera had stated that the energy committee and the other procurement committees had given their approval and recommendation to award the three companies the licences to operate in Sri Lanka.