Fuel price formula will be useless if we reveal it: CBSL Senior Deputy Governor

fuel bowser

Oct 05, 2018 (LBO) – Senior Deputy Governor of Sri Lanka’s Central Bank, Nandalal Weerasinghe says that the fuel price formula will be useless if everyone knows how to calculate the future prices of petroleum products under the new pricing mechanism.

Speaking at a recent TV program, Weerasinghe emphasized that the fuel price formula is considered as market sensitive information where revealing it may affect the behavior of fuel distributors and filling stations.

“I have seen the fuel price formula but I don’t want to reveal it; people ask for it under the Right to Information Act but it will be useless if we reveal it to the public,” Weerasinghe said.

Senior Deputy Governor asserted that the core concept behind this kind of a price formula is the secrecy of it.

“If we reveal it, fuel distributors will know the price change beforehand which will be an unnecessary favor for them.”

Last week, UPFA Parliamentarian Udaya Gammanpila filed an appeal at the Finance Ministry calling the formula to be revealed, after his initial request under the Right to Information Act was rejected.

Finance Ministry has told Gammanpila that they will publish the contents of the price formula on their website without revealing the formula itself.

Gammanpila said a fundamental rights petition will be filed before the Supreme Court if he does not receive a response to his appeal.