Committee for updating petroleum prices once in three months

(COLOMBO, LANKAPUVATH) – The cabinet of Ministers has granted approval to appoint a committee consisting of the officials of Treasury and Ministry of Petroleum Resources Development to implement the fuel price formula in a more transparent manner.

The cabinet has approved a proposal presented by Minister of Finance and Mass Media Mangala Samaraweera to establish the committee to maintain the transparency of methodology of formula and to update petrol and diesel Price in every tree months on the 5th day of third month.

The cabinet of Ministers has previously approved to introduce a cost based price formula for fuel, to execute this formula from 11th May 2018 and to update the fuel price before 5th day of third month based on the international prices of previous two months.

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