A system of daily fuel price revisions will be introduced from February 2024, replacing the present monthly fuel price revisions: Minister of Power and Energy, Kanchana Wijesekera

Sri Lanka's Minister of Power and Energy, Kanchana Wijesekera, has announced that the country will transition from the current monthly fuel price revision system to a daily fuel price revision system starting in February 2024. This change in the fuel pricing mechanism is expected to bring more frequent adjustments to fuel prices in response to global market fluctuations.

The move to daily fuel price revisions aligns with global practices in many countries, where fuel prices are adjusted on a daily or more frequent basis to reflect changes in international oil prices. This allows consumers to experience more immediate changes in fuel costs based on the prevailing market conditions.

Daily fuel price revisions can provide a more accurate reflection of global oil price fluctuations, ensuring that consumers and businesses pay prices that are closely linked to the international market. This system also offers more transparency in fuel pricing, as changes can be easily tracked and understood by the public.

The exact mechanism and frequency of price revisions may vary based on government policies and market dynamics. The goal of the transition is to ensure fair and competitive pricing for consumers while aligning Sri Lanka's fuel pricing system with international standards.