Minister says fuel price revision will be limited to once a month
November 19, 2022 11:59 pm
Minister of Power & Energy Kanchana Wijesekera says a proposal seeking monthly revision of fuel prices will be presented to the Cabinet of Ministers on Monday (Nov. 21).
He made this remark while addressing the 50th Annual General Meeting of the Petroleum Dealers Association held this morning.
The members of the association representing all Ceylon Petroleum Corporation (CEYPETCO) and Lanka IOC dealerships, representatives of CPC, LIOC, CPSTL and the state banks participated in the event.
Addressing the gathering, Minister Wijesekera said the government had been revising the fuel prices on the 1st and 15th of each month, pursuant to the pricing formula, however, some distributors were reluctant to place the orders by the 13th or 14th of the month or by the 28th, over fears of incurring a loss.
Accordingly, the government decided to implement the fuel price revision only once a month, the lawmaker explained.
The distributors will be notified a few hours before the revised fuel prices come into effect, he added.
