July 03, Colombo (LNW): The government has reaffirmed its commitment to implementing a structured fuel pricing system, citing it as the most equitable and practical solution available under the current economic climate.
Speaking at the weekly Cabinet media briefing yesterday (02), Cabinet Spokesperson and Minister Dr Nalinda Jayatissa stated that the pricing formula, originally introduced by the previous administration, remains the most viable means of ensuring transparency, repaying the mounting debts of the Ceylon Petroleum Corporation (CEYPETCO), and addressing legacy issues of fiscal mismanagement.
Dr Jayatissa acknowledged the inherent volatility associated with fuel pricing formulas, noting that price fluctuations are an unavoidable reality when such mechanisms are in place. However, he argued that this approach, despite its imperfections, is essential in distributing the burden fairly while safeguarding the country’s financial stability.
Responding to questions regarding the government’s apparent shift in stance—having previously criticised the former regime for implementing the very same formula—Dr Jayatissa emphasised that the circumstances have evolved.
He remarked that although the present administration had reservations about the former government’s policies, the harsh economic realities necessitate difficult but responsible choices.
He further pointed out that the possibility of offering greater relief to the public is constrained by the deep financial woes inherited from the past. The CEYPETCO, he explained, remains heavily indebted, and irregularities in fuel procurement and financial conduct during the tenure of the previous administration continue to weigh on the sector.
“The repercussions of past misconduct do not simply vanish when a minister leaves office,” he said. “We are left to manage the fallout for years to come.”
According to the Minister, the reimplementation of the pricing formula is not a matter of political alignment, but a strategic decision aimed at restoring order and accountability in the energy sector. He reiterated that the government remains committed to reforms that will ultimately ease the burden on citizens, even if short-term adjustments prove difficult.
