Breaking News

Fuel pricing formula to be presented to Cabinet within two weeks

The proposal on the fuel pricing formula will be presented to the Cabinet within the next two weeks, Treasury and Finance Ministry Secretary Dr.R.H.S.Samaratunga yesterday said.

“We are planning to present the proposed fuel pricing formula to the Cabinet soon. However, it will not be presented at the next Cabinet meeting which will be held on May 8.

Most probably the proposal will be presented at the following Cabinet meeting,” Dr. Samaratunge said. There have been several reports that the General Treasury and the Ceylon Petroleum Corporation (CPC) are in disagreement on a fuel pricing formula. The Treasury and the CPC had held a series of discussions for a prolonged period. A senior CPC official said there were no immediate plans to increase fuel prices.