Sri Lanka fuel pricing formula accepted in principle: minister

Sept 14, 2016 (LBO) – A proposal for automatic fuel pricing has been accepted in principle, Sri Lanka’s Petroleum Minister Chandima Weerakkody said on Wednesday, adding a timeline for implementation has not yet been decided.

“The Finance Ministry and relevant committees are discussing the details. My proposal has been accepted in principle,” he said, speaking to media.

According to commitments to the International Monetary Fund, the Ministry of Finance has promised to introduce a fuel pricing mechanism that ensures retail fuel prices are above cost-recovery levels by December 2016.