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Electricity bills are also likely to increase because the Ceylon Electricity Board (CEB) is unable to absorb Saturday’s massive fuel price increase, the Power and Energy Ministry said yesterday.

Secretary M.M.C. Ferdinando told a media conference the CEB would have to bear an additional Rs.40 billion annually on top of the estimated loss of Rs.30 billion for this year.

“The maximum loss we can manage is around Rs.40 to 50 billion a year. The annual estimated loss for this year is Rs.30 billion. With the recent fuel price hike we will have to incur an additional loss of Rs.40 billion which is impossible for the CEB to absorb. We have submitted these particulars to the Public Utilities Commission of Sri Lanka (PUCSL) to decide whether the electricity rates have increased or to recommend to the Treasury to absorb the additional burden,” Mr. Ferdinando said.