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Sunday, 08 July 2018 - 16:37
Fuel prices to be revised on a weekly basis
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Finance Ministry says they are looking at the possibility of revising the fuel prices each week based on a pricing formula.

An official from the Finance Ministry said that then the prices could be revised depending on the world market fluctuations.

He said that the relevant Cabinet paper will be submitted next week.

The Finance Ministry issued a directive on 5th to increase the fuel prices from midnight.

However, Ceypetco, the state-owned fuel retailer said that it had not issued any directive to the filling stations to increase the prices, hence it asked the filling stations to sell the fuel at the previous prices.

Amidst this confusion, Lanka IOC, the Indian owned company said it will not reduce the prices.

Then the State Minister Dr. Harsha de Silva said that the Ceylon Petroleum Corporation does not have an authority to revise prices.

This confusion is expected to be sorted out at the upcoming Cabinet meeting, the official said.
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