Price formula for fuel to Cabinet

Energy Minister Udaya Gammanpila said that a price formula has been drafted to determine fuel prices in the country.

The price formula will be submitted to the Cabinet for approval, the Minister said.

He said that fuel prices in the world market continue to rise and that the Petroleum Corporation had sought permission from the Finace Ministry to increase fuel prices in connection with the last increase in prices, but had not yet made that decision.

He further said that if the price formula is approved, it will be possible to determine the price of fuel in Sri Lanka based on the price of fuel in the world market and the method will be very transparent.

(Source: Daily News – By Subashini Senanayake and Krishantha Vitarana)