Increase in fuel prices within 2-3 months?

The new pricing formula for on fuel will be presented at the next Cabinet meeting, according to the Ministry of Finance.

Many complaints were made that the increment of fuel prices at filling stations belonging to Lanka IOC has caused Ceylon Petroleum Corporation (CEYPETCO) to suffer constant losses.

When inquired by Ada Derana, Petroleum Resources Development Ministry Secretary, Upali Marasinghe said that the ministry had suffered from an extra loss of Rs 38 million per day after the increase of prices of Lanka IOC.

In the face of this event, they have pointed out to the Finance Ministry that the fuel prices of CEYPETCO should be increased too.

A spokesperson at the Finance Ministry said that arrangements were made to design a pricing formula and it is to be presented at the coming Cabinet meeting.

It was also mentioned that after gaining approval for this price formula, a price revision would occur every 2 or 3 months in line with the fuel prices of the world market.

Accordingly, an increment in the fuel prices is likely to be expected within the next 2 or 3 months.