September 28, Colombo (LNW): The Government is preparing to spend Rs. 41 billion over the next three months to ease the financial burden of motorists and consumers affected by higher fuel prices, President Anura Kumara Dissanayake announced.
Addressing a public gathering in Gampaha, the President said the proposal would be formally submitted to the Cabinet of Ministers tomorrow for approval.
If endorsed, the allocation will support fuel price concessions throughout October, November and December, providing temporary relief to the public during the final quarter of the year.
The President said the latest measure formed part of the Government’s wider efforts to cushion the impact of international developments on domestic fuel prices.
He recalled that the Government had previously set aside Rs. 100 billion for relief measures following a sharp increase in fuel prices linked to the conflict in the Middle East.
According to the President, the additional three-month subsidy programme is intended to provide further assistance to households and businesses while the Government continues to manage the economic pressures arising from volatility in global energy markets.
The proposed allocation will now be subject to Cabinet consideration before the planned concessions can be implemented.