ECONOMYNEXT – The Sri Lankan government is yet to decide on a retail fuel price formula that changes with fluctuations in global prices despite mounting losses at the state-run refiner, Finance Minister Mangala Samaraweera said.
“There’s no decision yet on the price formula,” he told a news conference.
The Ceylon Petroleum Corporation has been asking for an increasing saying they cannot continue to bear losses by retailing fuel below cost, he said.
Lanka Indian Oil Corporation recently raised fuel prices but the CPC did not.
The International Monetary Fund, which has given Sri Lanka a $1.5 billion loan in support of economic reforms, has said a fuel price formula was necessary to stem losses at the CPC.
(COLOMBO, April 02, 2018)