Fuel pricing formula revealed
Posted by Editor on October 18, 2018 - 10:16 pm
Sri Lanka’s much-talked about Fuel Pricing Formula was revealed in detail to the media by Minister of Finance and Mass Media Mangala Samaraweera, at a press conference in Colombo today (18).
The formula is as follows:
MRP = V1 + V2 + V3+ V4
MRP = Maximum retail price
V1 = Cost incurred in unloading and the cost of the barrels.
V2 = The processing cost which includes local harbor costs and costs incurred due to wastage
V3 = The administration costs which includes costs for employee allowances and depreciation costs.
V4 = Taxation. This includes customs duties, Port and airport development taxes etc.
Minister Mangala Samaraweera stated that this is the “simple” formula that they have been using since the 11th of May to formulate fuel prices on the 10th of every month.
Latest Headlines in Sri Lanka
- Sri Lanka’s Agriculture Minister explores opportunities to export eggs and chicken September 23, 2023
- Stability should not come at the sacrifice of values of freedom of expression: U.S. Ambassador September 23, 2023
- Sri Lanka imports test kits to detect Nipah virus September 22, 2023
- Import tax on powdered milk increased September 22, 2023
- Sri Lanka President’s robust economic development program leads to 62.1% drop in inflation – Minister September 22, 2023
What a carry on by these comediennes. They may think this is a joke,