Govt. introduces pricing formula for fuel

Wednesday, 25 May 2022 00:30 - - {{hitsCtrl.values.hits}}

Formula will be applied every fortnight or monthly based on six criteria
7-member committee will determine price as per formula
Energy Minister Kanchana Wijesekera apologises for criticising and not understanding benefits of pricing formula
Cabinet nod to revise transportation and other service charges
Encourages WFH to minimise use of fuel and to manage energy crisis

Cabinet co-spokesman and Power and Energy Minister Kanchana Wijesekera

The Cabinet of Ministers at its meeting on Monday approved the reintroduction of a fuel price formula.

Energy Minister Kanchana Wijesekera said the pricing formula was applied for the upward revisions

announced yesterday morning.

The formula has been devised based on six criteria and will be applied every fortnight or monthly to determine fuel prices.

The Minister said a seven-member committee comprising officials of the Ministry of Power and Energy, Ministry of Finance, Central Bank of Sri Lanka, Ceylon Petroleum Corporation, Lanka IOC, Consumer Affairs Authority and a party selected by the Secretary of the Ministry of Power and Energy will determine the fuel prices.

“As members of the Opposition, we too criticised the pricing formula introduced in May 2018. I extend my apologies for not understanding the benefits back then,” he said at the post-Cabinet meeting media briefing yesterday.

Minister Wijesekera also said the Cabinet of Ministers approved the revision of transportation and other service charges accordingly.

However, the Minister requested the transport sector to discuss the revision of rates and urged that they ensure transportation is not disrupted for students sitting the 2021 GCE Ordinary Level Examination.

Minister Wijesekera said the public sector workforce will be called in for duty on the direction of the head of institutions from yesterday.

He pointed out that work from home will be encouraged to minimise the use of fuel and to manage the energy crisis.

Govt. fuels people’s suffering with fresh hike

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