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CBSL Governor says time is right for fuel pricing formula

It is time to introduce a fuel pricing formula as all other indicators relating to inflation are favourable, Central Bank Governor Dr. Indrajit Coomaraswamy said yesterday.


He made this comment during a Q&A session with the media after announcing the Monetary Policy Review No. 2 for 2018.


“The inflation will remain in the mid-digit band during most of the year and a price formula for fuel at this juncture would not have a significant impact on inflation. So, this would be an ideal time for this. The world oil prices will show trending down, so all these indicators argue strongly for the fuel price formula to come in sooner than later.


Further speaking the Governor said,” “Clearly, decision making in a coalition government is not going to be easy. However, the government amid many challenges have been able to pass tough economic reforms in parliament. This include the Hambantota Port deal, the Inland Revenue Act etc. These are significant achievements”.

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