Price formula for petroleum products soon - Chandima

A price formula for petroleum products will be introduced soon aiming to provide relief to customers with the drastic price drop of crude oil in the world market, Petroleum and Petroleum Gas Minister Chandima Weerakkody said.

He said the price formula will probably be introduced in the first quarter of next year.

“The Petroleum and Petroleum Gas Ministry is engaging in discussions with the Consumer Affairs Authority to formulate the price formula. It is necessary to look into various sectors such as transportation prior to formulating the formula,” he said.

A final discussion in this regard will be held next week and the formula will be formulated accordingly, the minister added.

He added that the price of a barrel of crude oil is around US $ 50 and therefore there should be a scientific method for pricing petroleum products according to the price fluctuation of world market.