Govt. to do UNP-style fuel revision
By Chris Kamalendran
The fuel price formula whereby prices will fluctuate monthly depending on world market situation is to be reintroduced soon, Power and Energy Minister Susil Premjanyatha said yesterday. He said the first meeting to revise prices in terms of world market rates wold be held within the next few days.

The minister said heavy losses had been incurred due to the non-implementation of the price formula during the latter part of the UNF government. Mr. Premjayantha said the UPFA was forced to reintroduce the formula in a bid to reduce losses.

He said that initially the price of petrol could be increased by around Rs. 2 a litre and thereafter it would fluctuate depending on world prices. CPC Chairman Jaliya Medagama said the CPC had suffered a loss of Rs. 2,378 million last month while the losses for the past three months were Rs. 5,000 million.

He said the last revision of prices was in September 2004 and due to the non revision of fuel prices the CPC had suffered a loss of Rs. 14,500 million.

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