Minister of Finance and Mass Media Mangala Samaraweera said he also doesn’t understand the oil price formula while speaking at a press briefing at Sirikotha party headquarters today (9).
The Minister noted that the oil price formula is not a secret and he can get relevant parties to explain how the price formula has been developed and how it increases oil prices.
The public should not be confused about the price formula, he added.
“When oil prices in the world rise, our oil prices also rise. When the dollar depreciates and the value of the rupee rises, oil prices fall. Understanding that enough,” he added.
The Minister emphasized that the oil prices in the domestic market will certainly be reduced when the prices of crude oil in the world market fall.