Approval of the pricing formula for fuel (which was submitted to Cabinet) has been postponed, according to government sources.

The sources said the postponement was due to the lack of the requisite directions from the Finance Ministry to implement it.

The Cabinet paper containing the pricing formula had been presented to Cabinet by Petroleum Resources Development Minister Chandima Weerakkody. It had been discussed at a Cabinet meeting on January 13.

The Finance Ministry had said it needed time to submit its directives. Therefore approval had been put off. (Ajantha Kumara Agalakada)