A four-member procurement committee has been appointed by the Cabinet to handle oil imports subsequent to the Supreme Court ruling, Treasury Secretary Sumith Abeysinghe told The Sunday Times.
Considering two fundamental rights petitions on November 28, the Supreme Court suspended the Ceylon Petroleum Corporation (CPC) from engaging in fuel imports, and also its chairman. The cases come up tomorrow.
The Court also ordered the Government to submit a new fuel price formula based on the existing oil prices in the global market and local taxes and levies on petroleum products.
Mr. Abeysinghe said the CPC is only entrusted with the task of fuel distribution while all other functions including the handling of tenders, oil purchasing and opening LCs, etc., will be carried out by the special Treasury unit.
He said the officials have been instructed to handle the procurement of oil very carefully and not to burden the public with price increases.
The new pricing formula will be submitted to court tomorrow. Earlier this week, President Mahinda Rajapaksa said the prices won't change for at least a year as the CPC has to recover its losses.
UNP MP Palitha Ranga Bandara also filed a petition in the oil hedging case, seeking the removal of the Central Bank Governor Ajith Nivard Cabraal for his role in the issue. (See also FT stories on oil hedging).
In the meantime, the Supreme Court will also conclude the LMS-JKH privatisation cases tomorrow.
Agencies like the CID and the Bribery Commission have been asked to report to court on whether charges could be filed against any respondents in the case. The court chastised former Treasury Secretary Dr P.B. Jayasundera and JKH Chairman Susantha Ratnayake in the judgment. | 
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