A decision has been taken to declare only the Maximum Retail Price based on the pricing formula for all types of fuel.

State Minister of Power and Energy DV Chanaka noted that steps will be taken to declare a Maximum Retail Price, to create competitiveness among fuel distributing companies in the country.

Speaking to media in Colombo yesterday (23), the State Minister assured that the Maximum Retail Price will be stipulated by the government to all fuel companies under the price formula from August.

The State Minister also said that it is expected to take a decision regarding the QR code after discussing it with all the parties in the future. He noted that in order to increase fuel competitiveness, agreements have been reached with three major internationally registered companies.

The State Minister stated that this will increase competition and offer a sound remedy for the current dollar issue. By the first week of next month, a ship of Sinopec Company is scheduled to arrive in Sri Lanka.

Until now, the fuel price formula existed only for Ceylon Petroleum Corporation.

State Minister DV Chanaka noted that instead, steps will be taken to set a Maximum Retail Price using the pricing formula to affect all companies through this new system.

Thus, the Ministry will decide only the Maximum Retail Price in the future.

The companies will then be able to provide fuel at a price of their choice subject to the maximum price.

State Minister of Power and Energy DV Chanaka claimed that this will create competition among fuel companies resulting in reduced fuel prices.