The branch of Jathika Sevaka Sangamaya at the Ceylon Petroleum Corporation says that fuel prices should not be increased until an accurate pricing formula is created.
Addressing a media conference in Colombo this morning (Apr. 23), Ananda Palitha of JSS branch said that such a price formula should be formed in compliance with international criteria.
The Finance Ministry has created a fuel pricing formula, and a senior Ministry official said that the proposed fuel pricing formula will be finalized soon.
The pricing formula will thereafter be submitted for the Cabinet approval.
Ceylon Petroleum Corporation currently accrues 38 million rupee loss daily due to price increases in the global market.