Fuel prices slashed by Rs. 5

Friday, 16 November 2018 00:00 - - {{hitsCtrl.values.hits}}

Fuel prices were slashed by Rs. 5 from midnight after discussions between the Finance Ministry and Petroleum Resources Ministry.

Accordingly, both normal and super diesel were reduced by Rs. 5 while petrol and super petrol were also slashed by Rs. 5.

MP Gamini Lokuge, who is handling the Petroleum Resources portfolio under the President Sirisena-Rajapaksa Cabinet, made the announcement on Thursday, hours after MP Mahinda Rajapaksa made the announcement in Parliament.

“We pledged to provide relief to the people, and this is an effort to carry out that promise. We are also considering price reduction for gas,” he told reporters at a hurriedly summoned press conference at the Ministry.

Lokuge said officials from his Ministry were planning to have discussions with organisations such as the Bakery Owners Association to reduce prices in line with the recent changes.

“We hope that this fuel reduction will provide relief to the people and give them a chance to have a somewhat stronger economy. Our party believes in people-friendly policies, and this is just one of many changes we hope to make in the future.”

When asked whether the Government had moved away from the transparent fuel price formula that was introduced with the consultation of the International Monetary Fund (IMF) earlier this year, Lokuge noted that they were now following their “own formula”. However, the Finance Ministry still conducts the calculation and notifies the change to the Petroleum Resources Ministry. (UJ)