Power, Energy and Commuter Transport Management Minister Mahinda Amaraweera will appraise the Cabinet today on the low level of fuel prices in the global market and seek the possibility of reducing prices in the domestic market.
He admitted that the sharp drop in fuel prices in the world market consequent to the low demand resulting from the coronavirus epidemic told Daily Mirror that the government would do its best to pass the benefit to the consumer.
“We have several options. If we bring down fuel prices in the domestic market, I don’t think traders will pass the full benefit to the consumer as has happened in the past. When there is a considerable price reduction on fuel, cutting the price of a loaf of bread or plain tea by Rs.5 will not be enough. But a drop in electricity tariff and bus and trishaw fares will directly benefit the consumer,” the minister said.
He said he discussed the drop in fuel prices in the world market with the top management of the Ceylon Petroleum Corporation (CEYPETCO) on Sunday and they agreed that consumers deserve some relief from the drop in prices.
Commenting on the pricing formula introduced by the yahapalana government, the minister said petrol and diesel prices should have been increased by Rs.12 per litre in February under this formula.
“Based on the current global prices, the price of fuel in the domestic market could have been reduced only by Rs.2 under the pricing formula,” he added.
Meanwhile, global fuel prices suffered a historic collapse in the past few days with the US prices prices crashing by as much as 34% to a four-year low of US$27.34 a barrel in comparison to US$60 to 65 for a barrel a few months ago.(Sandun A Jayasekera)
Mohd Ali Wednesday, 11 March 2020 01:54 AM
You scrapped the Y'palanaya price formulae, then why are you talking about it again when it comes to reducing prices?
Jude Wednesday, 11 March 2020 04:08 AM
Why do need cabinet approval !!!??? When you increase, YOU DON'T sought cabinet approval!!! You just arbitrary increase fuel price !!!
cheers Wednesday, 11 March 2020 04:29 AM
We voted for Gota and we are all watching the reduction so make sure its a good reduction so people can get the benefit but not the politicians
Lokka Wednesday, 11 March 2020 06:47 AM
Hey Mahinda you can not fool people anymore, check the internet for oil prices and then we can see how much you can reduce. Absolute decrease should be Rs. 20. No jokes please.
Ralahamy Wednesday, 11 March 2020 06:59 AM
May be the formula includes the heavy overhead cost of Petroleum Corporation and the Ministry, which cannot be reduced?
DJ Wednesday, 11 March 2020 08:07 AM
Shame on you, do you think that the people are so dumb to believe your crap. Stick to the pricing formula that way no one looses
Educated Wednesday, 11 March 2020 10:14 AM
Now everyone praising the last regime formula. This is why education is must for politicians.
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