New price formula determining fuel prices to meet Cabinet next week

Date:

A price formula will be introduced to determine the fuel prices, said Power and Energy Minister Kanchana Wijesekara speaking to Parliament today (05).

The fuel price formula is being introduced to minimise the losses incurred by the Ceylon Petroleum Corporation and not to gain any profit, he added.

A fuel price formula was introduced during the Good Governance regime but was revoked upon the current regime’s reigning in. However, many parties had been suggesting over the months that a fuel price formula should be introduced to address the continuing rise in fuel prices.

It has been decided to use railway transport to curb the losses incurred by the CEYPETCO, Wijesekara went on, adding that there is no shortage of petrol in the country and that the CEYPETCO has enough petrol stocks meeting the demand.

He added that there is a shortage of diesel given that most of the diesel has to be used for power generation due to the breakdown at the Norochcholai Thermal Power Plant. Nevertheless, it will be possible to end the shortage in the next few days, the Minister further noted.

MIAP

Share post:

spot_imgspot_img

Popular

More like this
Related

Sri Lanka’s BIRDS-X DRAGONFLY Nanosatellite Set for September 19 Launch

Sri Lanka's BIRDS-X DRAGONFLY Nanosatellite Set for September 19 Launch

Sinopec Refinery Sparks Concerns over Sri Lanka’s Energy Independence

Sinopec Refinery Sparks Concerns over Sri Lanka’s Energy Independence

TAX Revenue Management IT System Flaws Threaten Billions in State Revenue

TAX Revenue Management IT System Flaws Threaten Billions in State Revenue

Spice Import Licenses Spark Fears of Backroom Deals and Industry Betrayal

Spice Import Licenses Spark Fears of Backroom Deals and Industry Betrayal