Minister of Petroleum and Petroleum Gas Chandima Weerakkodi stated that the new government will take measures to offer the advantage of oil price reduction in the world to the local consumers.
The Minister stated this while addressing the media, after paying his homage to the Temple of the Sacred Tooth Relic in Kandy this morning.
Secretary of the Ministry of Power and Energy Sunil Watagoda stated that in relation to the drop of oil rate in the world market, they intend to present the fuel pricing formula to reduce the local fuel prices accordingly, for the first meeting of the cabinet.
Since there is a trend of fuel price reduction in the world market, he further stated that they can reduce the fuel prices in the country through the fuel pricing formula.
A barrel of crude oil in the world market is priced as 50 US dollars at present.
This is noted as the lowest recorded rate in 11 years in the world.