News

Sri Lanka’s fuel pricing formula comes into effect in May

16 April 2018 - 186   - 0

 
Sri Lanka is set to introduce a cost-reflective transparent fuel pricing, based on international market prices, next month. This new transparent mechanism will be submitted for cabinet approval in the next two weeks, Finance Ministry sources disclosed.    
 
In this much-delayed fuel pricing formula, prices would change with international market prices similar to many other commodities people consume, a senior official of the ministry said adding that it could be implemented with effect from May 1 following the cabinet approval.  
 
There was also a strong case to gradually introduce corrective taxes to both petrol and diesel to account for externalities, this can be done with increments of Rs. 0.5 a litre per month so that the consumer will not feel the effect of these revisions, he pointed out.
 
The government was to introduce this fuel pricing formula last month in accordance with a prior commitment made to the IMF, but it had been delayed due to political upheaval faced by the ruling coalition.
 
Lanka IOC recently increased the price of a litre of diesel by Rs. 5 and petrol by Rs.9. But the Ceylon Petroleum Corporation continues to sell fuel at the current price while incurring a daily loss of Rs.33 million due to oil price fluctuations in the world market. (Bandula)   

 

  Comments - 0

  • Leave a comment

Top Stories

CID nets female accountant for Rs.20 million fraud

A female accountant of a bank in Gampaha, who is accused of defrauding over Rs.20 million, has been arrested by the Criminal Investigation Departme...

20 April 2018 - Views : 152

Nuwara Eliya Flower Show declared open

20 April 2018

World's largest aircraft leaves Mattala

20 April 2018

Namal Rajapaksa sponsors rugby workshop in Jammu and Kashmir

20 April 2018



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">

 

Features & Analysis

Ministry of Crab pop up event in UK

Chef Dharshan Munidasa will return to the U.K. for a three-day Ministry of Crab Pop Up Event from  April 19 -21....

Miss Premier Ceylon with Miss England to get under way in May

Premier Ceylon, the hotels and hospitality company which has its corporate head office based in Virginia, USA, is rea...

Indian YouTube singer has tearful reunion after 40 years

An Indian man missing for 40 years has had an emotional reunion with his family after a YouTube video of him singing ...

Evening of instrumental music by Soundari David Rodrigo and ensemble

Indian Cultural Centre, Colombo will be organizing an evening of instrumental music “Celebrating Maestro Illaya...



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">