Private bus operators want tariff hike to account for central bank actions

Sri Lanka
By Editor_1
0

COLOMBO – Sri Lanka’s private bus operators need an overall fare hike to account for currency depreciation and the rise in a consumer price index, Lanka Private Bus Owner’s Association (LPBOA) President Gemunu Wijeratne said after the latest diesel price hike.

“We will have to go for the Annual Revision based on several different factors, including the Colombo Consumers Price Index and the dollar rate,” said Wijeratne said on Sunday (26), noting that the recent price hikes were only based on the fuel price hike.

Inflation and currency depreciation is caused by the Central Bank of Sri Lanka. Set up in 1950, the bank has been responsible for balance of payments trouble and high inflation, by printing money in the process of giving ‘monetary policy independence’ to a group of persons called the Monetary Board, at the expense of the welfare of nation.

“I can’t say how much the price will increase, because that is up to the National Transport Commission,” Wijeratne said, referring to the regulator who approves price hikes based on a formula.

Wijeratne acknowledged that price hikes would be ‘hard to bear’ for passengers and blamed politicians for the inflation.

“It’s already unbearable, and it’s unfair on them,” he said. “It’s a pitiful situation, but we have no choice. We have to pay for the sins of loss making organizations like the Ceylon Petroleum Corporation, we have no choice,” he said, reiterating that politicians have to take responsibility for thes# hardships.

Wijeratne said that only around 10% of buses were currently in operation due to the unavailability of fuel.

The Power and Energy Ministry has said private buses were allowed to refuel at state-run Sri Lanka Transport Board depots, but Wijeratne said many buses were on fuel queues.

“A lot of bus drivers are on strike. They don’t have fuel and can’t run,” said Wijeratne.

-economynext.com

Editor_1
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