February 02, Colombo (LNW): Trade and Commerce Minister Wasantha Samarasinghe has confirmed that recent adjustments to fuel prices in Sri Lanka are in line with the country’s established pricing formula, which reflects the volatile nature of global market fluctuations.
Speaking in Anuradhapura, the Minister reiterated that the government is committed to adhering to this pricing structure, which necessitates monthly adjustments to fuel costs based on international market conditions.
Minister Samarasinghe emphasised that fuel prices are not fixed but fluctuate in accordance with a transparent formula that aligns with global trends.
He acknowledged the challenges this creates for the public, stating, “Whether we are in favour of these changes or not, we must follow this system. The price revisions—whether they are increases or decreases—are determined by the global market, and we have no option but to adjust accordingly.“
Beyond fuel price adjustments, the Minister also touched on other measures the government is taking to alleviate the economic pressures faced by the public.
One such initiative includes a 30 per cent reduction in electricity tariffs for factories, which the Minister argued would have a positive ripple effect across the economy, ultimately benefiting the wider population by lowering production costs.
“As a government, our priority is to reduce the financial strain on the people,” Minister Samarasinghe added. “We are working diligently across various sectors to ensure that the country is heading in the right direction towards economic stability and growth. Strengthening institutions and safeguarding the well-being of citizens remain at the forefront of our efforts.“
