Harping on price formula immaterial: PM

10 October 2018 05:21 pm - 11     - {{hitsCtrl.values.hits}}

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Talking of fuel price formula was becoming immaterial as oil prices could go up to $ 90 a barrel in the near future as a result of the global economic crisis, Prime Minister Ranil Wickremesinghe told Parliament today.

Prime Minister Wickremesinghe, who was responding to a question raised by Chief Opposition Whip Anura Kumara Dissanayake, said some countries believed that the price of oil could go up to $90 a barrel as a result of the global economic crisis.

“Some countries believe that the price of oil could go up to $90 a barrel by November, with the US economic sanctions on Iran,” he said.

“Such a price hike could take place if the stocks of oil that the market could lose as a result of the sanctions, cannot be filled by other means,” he said.

“I discussed this matter with the UK and Norway during my visit and they said things were uncertain.

“Therefore, what we should consider is how to face this global situation. We need to focus on this matter, not about price formula,” Mr Wickremesinghe said.

“What we should focus on is how to face the global economic issues and ensure concessions to people,” he added.

He said Sri Lanka could be affected by the trade war between China and the US as well.

Elaborating on the fuel formula, he said it was introduced after receiving the Cabinet nod from May this year.

He said the unloading cost, operating cost, pipeline fees, the cost of fuel lost through evaporation, warehouse cost, and commissions given to sales agents, taxes were taken into consideration when deciding the price as per the formula.

“This Government reduced the prices as soon as it was elected. However the prices have increased due to global developments but the current prices are still less than the price, which prevailed prior to 2015,” he added. (Yohan Perera and Ajith Siriwardene)

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  Comments - 11

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  • Nihal Amarasekera Wednesday, 10 October 2018 06:35 PM

    Can't help it, seems his tone. What a leader.

    Saman Wednesday, 10 October 2018 06:47 PM

    Thank you, PM for the update.

    Warren Raed Thursday, 11 October 2018 09:10 AM

    Yes PM. You can hoodwink the uneducated and illiterate people. Why are you hiding the fact that the oil barrel in the international market has come down in price by about $ 2.00?

    Sunil Thursday, 11 October 2018 08:23 AM

    Global economic crisis? The crisis affects Sri Lanka more than any other country. As we always said, it is time for you and your miserable regime to go home forever.

    DillonDP Thursday, 11 October 2018 09:07 AM

    Well if you cant help make the formula a public information, why is all this hush hush for, well i think in the first place there is NO price formula whatsoever

    Jude Thursday, 11 October 2018 09:22 AM

    According to JP Morgan Investment bank(USA) forecast for oil(WTI) barrel not going over $80 for 2019 !! Some pundits predicted oil barrel going to be around $100 for This past summer!! It never reached even $90 !!! Huh!!

    Jp Thursday, 11 October 2018 09:26 AM

    Why don't you stop fuel allowance to the Ministers and other big shots in the government. Why should the general public suffer.!!!!!

    Sharon Thursday, 11 October 2018 10:01 AM

    For you, the entire country is immaterial...

    Mk Thursday, 11 October 2018 10:08 AM

    GO HOME!!!

    WHY NOT ! Thursday, 11 October 2018 04:49 PM

    WHY NOT ? we citizens demand - in order to be sure that no hidden factors have been included in the formula. Mr PM your reply is very childish .

    Ill Thursday, 11 October 2018 10:20 PM

    If I say this man is an irresponsible idiot ,I think nobody disagree


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