CPC, Treasury to arrive at final decision on fuel prices

Finance Ministry Secretary Dr. R.H.S. Samaratunga yesterday said it was highly likely that the Ceylon Petroleum Corporation (CPC) and the Treasury will be able to arrive at a final decision on fuel prices within this week.

Dr. Samaratunga said that the General Treasury and the CPC had held a series of discussions for a prolonged period of time with regards to a fuel pricing formula.

“There have been numerous proposals and counter proposals in relation to this formula, but the final decision needs to come from the Cabinet,” Dr. Samaratunga pointed out.

Responding to the Daily News, Dr. Samaratunga further said they are trying to reach a consensus on the matter during the coming week.

He hinted at another round of discussions being held between the relevant authorities.

“We are trying to get this cleared by this week. We will reach some kind of a consensus on what type of a proposal should be put into the formula. 

However, we need to get this final proposal to the Cabinet.

Cabinet approval is required to come to a final decision on a proper formula.” Dr. Samaratunga said.

“Any agency, the CPC or the ministry or the General Treasury cannot decide alone on this matter. These are larger public policy matters,” he pointed out. 

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