Fuel prices will be revised every two months under the new pricing formula which has been approved by the Cabinet, Finance Minister Mangala Samaraweera said.
He stated that the prices could either increase or decrease in the price revision. The minister announced this during a press briefing in Colombo today (10).
He stated that the prices will be calculated based on the average of the global prices within the two month period.
Samaraweera said that when the incumbent government came to power in 2015, fuel prices were considerably reduced and despite global oil prices continuously rising over 3 years, the government bore the losses and maintained prices.
He said that fuel prices were increased for development and that if they were not to increase the prices, it would result in cutting funding for education, health and other sectors.
