Finance Minister Mangala Samaraweera today said the prices of fuel will be revised every two months according to the new price formula, and they can increase or decrease.
He said the price revision will be announced on the fifth day after the lapse of every two months.
Minister Samaraweera said Sri Lanka among the regions is providing maximum subsidy for crude oil.
He also said though crude oil price decreased for three years during the Rajapaksa administration but the benefit was not given to the people.
The Minister stated that he was informed that a barrel of crude oil price has been increased up to USD 77 soon before he addressed the press conference therefore he believes that it could increase up to USD 80 due to the situation of crude oil manufacturers such as Iran.
He also said the Ceylon Petroleum Corporation (CPC) would receive an unbearable loss if the Government had to continue to supply the crude oil for the same old price and will have to curtail the funds allocating for the country’s development, health and education sectors.
“We learned that we cannot maintains the same old fuel prices. We will be able to save Rs 55.89 billion with the new price revision,” he added.
The Minister said the saving would be allocated to special rural development programme.
According to the new fuel price revision kerosene oil was the most increased and therefore the Minister said it could badly affect the low income communities.
To prevent such an impact, the minister said the Government had decided to provide kerosene subsidy to Samurdhi beneficiaries and small fishing boat owners.
The programme to be initiate from June 1 and Samurdhi beneficiaries will provide a coupon for kerosene subsidy while the fishermen will receive money to their accounts.
However, the Minister added that the practice would not be applicable on all Samurdhi beneficiaries and all fishermen but those who pre identified living without electricity or using kerosene for fishing boats.
Meanwhile, Minister said that the tax imposed on the interest rate on Children’s savings accounts (below 18 years) will be removed soon.
Minister stated that during the Rajapaksa administration 2.5 percent tax was collected from the children’s savings accounts when there interest exceed Rs 5,000.
Further he said that copyright earnings less than Rs 50,000 per month or Rs. 500,000 per annum would be free from tax.
Minister Samaraweera also said that the fuel price revision would not profit the CPC.
“In order to make the CPC profitable we should restructure it,” he added. (Thilanka Kanakarathna)
Middleast country UAE changes fuel prices every month.
Lord Wolfstein Friday, 11 May 2018 11:32 AM
In European countries the fuel prices can change daily, but the governments are not involved in the prices
Anjula Friday, 11 May 2018 11:45 AM
Yes It is really practical as long as the Govt utilize the income in accountability way. Otherwise it is just another pressure on innocents
Dinesh Friday, 11 May 2018 12:44 PM
Fuel prices in India is expensive compared to ours and the rates fluctuate daily. We should be thankful that for the savings we made during the last three years. Think people..
Sunil Thursday, 10 May 2018 05:22 PM
Either increase or decrease? We already know what it would be.
alex Thursday, 10 May 2018 05:38 PM
this is nothing new.In Singapore the electricity tariff fluctuates by the hour depending on demand
Dee Thursday, 10 May 2018 05:45 PM
Implement it. Don't let the president reverse the decision when some odd set of people'protest'
Consumer Thursday, 10 May 2018 05:54 PM
Can the Ministry give us the Formula Please. We can calculate on our own one month before.
ANTON Thursday, 10 May 2018 06:02 PM
THEN THERE WILL BE LONG QUES EVERY TWO MONTHS.
ANTON Thursday, 10 May 2018 06:04 PM
LOOKS LIKE YOUR CABINET IS ALSO GOING TO BE RESHUFFLED EVERY TWO MONTHS.
ANTON Thursday, 10 May 2018 06:04 PM
MANGALA FORMULA OF FUEL.......
Amila Thursday, 10 May 2018 06:14 PM
It is done in many countries including dubai. The fuel prices attached to crude market price and fuel price will be advised by news papers every month. It can go up or come down.
observer Thursday, 10 May 2018 06:16 PM
Could you please let us know the new price formula ?
Desh Thursday, 10 May 2018 06:17 PM
I still remember how they shouted in election platforms saying that petrol can be sold at Rs 50 if not for the luxurious lives of the Rajapakshe family. Does this gang has a hell to go?
DKS Thursday, 10 May 2018 06:24 PM
So you pathetic idiots going to line us up in long queues every two months?
Jen Thursday, 10 May 2018 06:33 PM
This is how it’s done in Malaysia.
Logic Thursday, 10 May 2018 06:43 PM
Please make CPC profitable or at least break even.
Sam Thursday, 10 May 2018 06:53 PM
Be transparent and disclose the formula used. We can then at least get some satisfaction from ensuring it is implemented correctly.
Raj Thursday, 10 May 2018 07:18 PM
Most of the people in sri lanka including educated never think practically. Always blame the government and when come to pay taxes all hide. I think only in sri lanka you find people evade taxes so much in turn government has to run by some how so collect taxes including to pay the so called GMOA murderers .
SRI LANKAN Thursday, 10 May 2018 08:34 PM
DO ANY OF THE THIEF'S AND ROBBERS OF OUR PARLIAMENT PAY FOR FUEL ?
saranga.walimuni Thursday, 10 May 2018 09:06 PM
In most countries this is done daily not every two months and people will get used to it.. better than never
Saman Thursday, 10 May 2018 09:22 PM
"Fuel prices to be increased every two months" is the more correct sentence.
Nana Thursday, 10 May 2018 11:03 PM
This is good but a Formula to revise Taxi Prices also should be implemented with due respect for reduction when Fuel reduced. This never happens in Sri Lanka? Whatever goes up never comes down....
DJ Thursday, 10 May 2018 11:39 PM
So you'll can order more luxury cars
kakopappa Friday, 11 May 2018 08:15 AM
goverment must try to deviate from oil to electric. as long as we are depending on oil we will have to dance according to west
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