Sri Lanka to revise fuel prices on formula Friday
ECONOMYNEXT – Sri Lanka will announce new fuel prices based on lower world prices on Friday, bringing back formula pricing, Finance Minister Mangala Samaraweera said addressing at the Treasury after being re-appointed.
Sri Lanka suspended a pricing formula agreed with the International Monetary Fund after a Mahinda Rajapaksa was controversially appointed finance minister on October 26 in a disputed move, triggering a political crisis.
"We will revise fuel prices based on world market tomorrow," Samaraweera was quoted as saying.
But the rupee had fallen from 173 to 180 to the US dollar during the crisis, he said.
Rajapaksa also cut fuel prices twice. A barrel of oil fell from 85 dollar to below 60 during the crisis. (Colombo/Dec20/2018)