Wednesday, August 17, 2022
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New price formula determining fuel prices to meet Cabinet next week

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A fuel price formula was introduced during the Good Governance regime but was revoked upon the current regime’s reigning in.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

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