The Cabinet of Ministers has approved a proposal to establish a committee to maintain the transparency of methodology of the fuel price formula and to update petrol and diesel prices every three months.
The Cabinet had previously approved to introduce a cost based price formula for fuel, to execute this formula from 11th May 2018 and to update the fuel price before 5th day of third month based on the international prices of previous two months.
Accordingly the Cabinet of Ministers approved the Proposal presented by Minister of Finance and Mass Media Mangala Samaraweera to establish a committee consisting of the officials of Treasury and Ministry of Petroleum Resources Development to maintain the transparency of methodology of formula and to update petrol and diesel prices three-monthly on 5th day of third month, the Govt. Information Department said.
