The Ministry of Finance said that a decision regarding Ceylon Petroleum Corporation (CPC) fuel prices will be taken at the next Cabinet meeting.
Issuing a media release today (6), the ministry said that the Cabinet had 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.
As per the powers vested with the committee, the petrol and diesel prices were revised on the 5th of this month. Under this system based on the international oil price, the fuel prices could either increase or decrease.
Accordingly the institutions engaged in the sale of fuel could change their fuel prices based on the revised fuel price, the statement said.
The CPC increased the price of fuel with effect from midnight yesterday, however a circular was issued by the CPC to all Ceypetco fuel stations earlier today to issue fuel under the previous prices and to ignore the price hike announcement.
However, Lanka IOC which also increased prices from midnight yesterday did not revert back to the old prices and continued to sell fuel at the revised prices.
