Fuel price formula to be presented to Cabinet

The fuel price formula has been drafted and will be presented to the cabinet next week, Energy Minister Udaya Gammanpila said.

He said although the Ceylon Petroleum Corporation has made a request to the Ministry of Finance for a fuel price increase due to the price increase in the world market, no decision has been taken so far on this.

Earlier, the minister told parliament that a formula must be adopted immediately, as the poor will have to bear the burden if fuel prices in Sri Lanka are not revised to reflect the world market prices.