Minister of Energy Kanchana Wijesekera says he does not expect a reduction in fuel prices today.
Addressing Parliament, he said the fuel price formula will be utilized today, but will most likely not result in a reduction in fuel prices.
The government had earlier announced that changes to fuel prices will be based on the fuel price formula and will be announced every 1st and 15th of each month.
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He revealed that however, even though the fuel price formula will be implemented today, it is unlikely to result in a reduction in fuel prices.
The minister said that although international fuel prices now have gone down it is not possible to immediately reduce fuel prices as Sri Lanka has already imported fuel under previous costs.
He explained that there isn’t a possibility of a price drop due to the current import costs.
“However, I believe that the public will reap the benefits and concessions in the future, once the fuel price formula is consistently implemented for a long period of time,” the Energy Minister added.
(courtesy NewsWire)
