Apr 23, 2018

Fuel pricing formula to Cabinet tomorrow!

The pricing formula for the increasing of fuel prices will be presented ted to the Cabinet at its meeting tomorrow, the Finance Ministry said.

With the Indian Oil Company taking steps to increase fuel prices, the Ceylon Petroleum Corporation had been incurring an additional loss of around Rs. 38 million per day, according to Petroleum Resources Development Ministry Secretary Upali Marasinghe.

Under this situation, they had notified the Finance Ministry of the need to increase fuel prices.

However, the Finance Ministry had taken measures to introduce a pricing formula, which has now been completed, the Finance Ministry notified.

Accordingly, the pricing formula will be presented at tomorrow’s Caabinet meeting.

Based on the world oil prices, subsequent to this pricing formula receiving the Cabinet nod, the fuel prices could be revised every two to three months.

Therefore, the Finance Ministry noted that a fuel price increase could be expected within the next couple of days.