27 June 2022 05:16 pm
The recent fuel price revision was not done according to any formula or any scientific manner but was based on a report released on estimated cost of imported refined petroleum products, the Public Utilities Commission of Sri Lanka (PUCSL) chairman Janaka Rathnayake said.
In a statement to the media, he denied all allegations of raising fuel prices and stated that the calculations were done based on the costs to import per barrel of fuel, which stood at US$176 at that time.
"The government used to spot purchase of fuel from any available supplier at the price they used to sell without any tender procedure." After the duty and the taxes are converted, the new fuel prices were announced to people," he said.
This procedure is totally unfair and this is not the proper way to up fuel prices. The government should have gotten the average cost as per the dollar value when buying fuel barrels.
During the past few months, there was no fuel price increase in the global market and the dollar also did not fluctuate significantly. Therefore, it is illegal to increase fuel prices making false calculations. (Chaturanga Samarawickrama)