Fuel price formula to be presented to cabinet tomorrow
April 23, 2018 12:15 pm
The Ministry of Finance confirmed the agreed final price formula is scheduled to be submitted to the cabinet tomorrow (24) for approval.
Sources at the Ministry of Petroleum Resources Development reports Ceylon Petroleum Corporation CEYPETCO had incurred a massive loss due to the Indian Oil Company (IOC) fuel price hike.
When contacted by Ada Derana, Secretary to the Ministry of Petroleum Resources Development Upali Marasinghe said the disadvantageous situation has cost the government an additional Rs. 38 million per day.
Accordingly, the Ministry of Finance has been informed that the prices should be subjected to an increase.
The Ministry of Finance has prepared a pricing formula
and it has been completed by now, and it will be presented to the cabinet tomorrow.
A price revision will be made once in two-three times subsequent to the international fuel prices, after approval is granted to the new fuel price formula, it is reported.
Accordingly, an increase in fuel prices can be expected within the next two to three months, the Ministry pointed out.
