Kanchana seeks Cabinet approval for monthly fuel price formula today

Power and Energy Minister Kanchana Wijesekera said the fuel price formula will be implemented once a month and the proposal to this effect  will be submitted to the Cabinet today.

“It was observed that dealers were not placing orders couple of days before the fuel price revision, anticipating either a financial gain or a  loss,” he said at the 50th anniversary celebration event of the Petroleum Dealers Association on Saturday.

Previously, the fuel price formula was supposed to be implemented twice a month on 1 and 15 of each month.

Against this backdrop, Minister Wijesekera said that they have decided to implement the fuel price formula once a month going forward.