Fuel prices down, formula out

The Finance and Economic Affairs Ministry yesterday brought down fuel prices. It has dropped former UNP Finance Minister Mangala Samaraweera’s fuel price formula. The Ministry has reduced petrol 92 Octane by Rs 10 and auto diesel by Rs.7 from midnight yesterday.Prime Minister Mahinda Rajapaksa said Wednesday after assuming duties as Finance and Economic Affairs Minister that the contoversial fuel formula from the system.

“Tax systems had to be simplified and the government will work on it,”he said.

The price of a liter of 92-Octane Petrol has been reduced from Rs.155 to Rs 145 and Auto Diesel to Rs 116 from Rs 123.

The ministry has put an end to monthly fuel price hikes that were carried out under the cover of the so called fuel price formula, the ministry sources said.

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