Date of fuel price revision undetermined
March 12, 2019 10:32 am
The fuel price revision as per the price formula, which occurs on the 10th of every month, did not take place yesterday (11), stated the Ministry of Finance.
A senior spokesperson of the ministry stated that since the 10th of March fell on the weekend the fuel price revision was due yesterday; however, it did not take place yesterday, he further said.
The Finance Ministry stated that the date which the price revision would take place cannot be stated yet.
A committee appointed on the fuel prices revises the fuel prices according to the prices of the global oil market and the fuel price formula.
On February 11th, the committee had increased the fuel prices in line with the fuel pricing formula. The prices of one liter of Petrol Octane 92 and the Auto Diesel were increased by Rs 6 and Rs 4 respectively. Subsequently, Lanka IOC also increased the fuel prices in line with the price hike announced by the government.