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Cabinet approval to introduce new mechanism to decide monthly fuel prices

A committee consisting of representatives of the Ministry of Power and Energy and other relevant agencies will be appointed to make recommendations to determine the monthly prices of petroleum products with due consideration to six (06) major cost components.

"The Cabinet has identified the need to have a mechanism for determining the selling price of petroleum, based on a scientific methodology that represents all cost components in a transparent manner to determine the domestic selling price of petroleum products," Co-cabinet Spokesman Minister Kanchana Wijesekera said.

"Such a system would have a positive impact on building consumer confidence as well as the financial difficulties faced by the Ceylon Petroleum Corporation."

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