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Wednesday, 11 April 2018 - 10:57
Fuel pricing formula submitted to Cabinet
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The Finance Ministry has submitted the proposed pricing formula for fuel for Cabinet approval.
 
The formula has been prepared by the Treasury.
 
The new mechanism proposes to revise the local fuel prices based on global price fluctuations.
 
The Finance Ministry hopes to implement the pricing formula this month after obtaining Cabinet approval.
 
The Secretary to the Ministry of Petroleum Resources Development Upali Marasinghe said earlier that the CPC fuel prices should be increased.
 
He added that the price increase would take place after Sinhala Tamil New Year.
 
Lanka IOC increased the price of petrol and diesel recently.  
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