Jul 21, 2018

More scientific fuel pricing formula coming soon? Featured

A more scientific and proper fuel pricing formula based on global crude oil prices would be introduced soon, state minister of Finance - Eran Wickramaratne said.
He added that this pricing formula would be introduced as soon as the Ceylon Petroleum Corporation obtains the necessary technology.
The International Monetary Fund (IMF) feels an automatic fuel pricing mechanism would minimize the fiscal risks, benefit Sri Lanka and the economy, the state minister says.

Following the recent fuel price hike, the Joint Opposition had charged that the government had increased fuel prices on the whims of the IMF.

Speaking on this regard, MP of the JO, Bandula Gunawardena said that any government would consider the taxes, production costs and the currency exchange rate when introducing a fuel pricing formula before seeking cabinet approval Meanwhile, the IMF would set policies to develop the economy of the country involved, he added.

(Source : Ravaya)

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