Fuel price revisions are based on pricing formula: Minister

Minister of Trade and Commerce Wasantha Samarasinghe says that the fuel price revisions are being carried out in accordance with the pricing formula, with adjustments reflecting fluctuations in the global market.

Addressing the media in Anuradhapura, the Minister emphasized that the government remains committed to implementing the pricing formula, ensuring that fuel prices adjust accordingly on a monthly basis.

“Fuel prices fluctuate based on the pricing formula, which aligns with global market trends. Whether we like it or not, we are following this system, and price revisions—whether increases or decreases—occur as required,” he stated.

In addition, Minister Samarasinghe highlighted government initiatives aimed at providing economic relief, including a 30% reduction in electricity tariff for factories, which he said would indirectly benefit the public.

“As a government, we are working across all sectors to ease the financial burden on the people. Our focus is on strengthening institutions, safeguarding citizens, and driving the country towards economic prosperity,” he added.